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Presuming that the effect is as you say--that it could encourage domestic production, the real issue is how quickly it can take a supply chain to spin up. Remember that it really did take about 2 years for things to start up fully after lockdown, and that was when factories and such were already in existence. To do that here would easily take a decade presuming that there was sufficient investment.
You're completely right. I'm just telling you the pitch, I'm not telling you to buy it.