Trump's tariffs are already working with the purpose of covering the budget deficit. Murka has three financial problems: persistent budget deficit, persistent growing debt-to-GDP-ratio, persistent trade deficit. All of this rests on the attractiveness of the dollar as international currency. If they ever lose that, even a little, the whole thing will start cracking.
This is the republican plan to fix the issue: tariffs to fix both the budget deficits and trade deficits (which would eventually fix the debt issue), and also to try to bring back industries and force other countries to absorb murkoid fiscal irresponsibility. No tax on the rich, in fact more tax breaks to the rich and poor to make up for the higher prices caused by the tariffs. Also kick out the illegal workers to try to make wages higher to also compensate for the higher consumer prices. No subsidies for industries.
Democrat plan: tariff only as a way to keep murkoid industries competitive. Complement it with subsidies for industries. Tax the rich to fix the budget deficit and eventually the debt issue. No tax breaks. No kicking out immigrants. Wages will increase with union participation.
People used to think that the duality of politics and parties in murka was always going to be about one nationalist and protectionist party versus another internationalist and global trader party. In fact now we have two nationalist, merchantilist, protectionist and industrialist parties, but with little overlap in their policies.
When it comes to foreign policies, Trump is a bully against murka's closest allies, but a docile dog when talking with other major powers. Biden on the other hand invented friend-shoring to try to bribe the silence and support of its main allies about his use of subsidies. In other words, Trump is more honest and upfront about his america fist policies and trying to make other countries absorb murka's fiscal irresponsibility. Biden tried to bribe.
Trump's use of tariffs has three dimensions, as I have already explained. This makes tariffs very powerful but also a very rigid tool for him.
Another final issue is the murka's internal geoeconomics. Traditionally you had one urban-industrial protectionist party vs one rural-agrarian internationalist party. We still have republican sea vs democrat archipelago. But now the two parties are industrialists. The old rust belt is dominated by democrat-connected labor unions. Southern states managed to pull some industries to themselves in these last decades with right-to-work laws which make labor unions ineffective there. So, one thing that needs answering (probably in the future) is how the republican party will consolidate power among industrial areas. Also, where will farmers end up.
Do you think this system of two industrialist and protectionist parties is stable?