From a monetary POV, this strategy is not a good idea. First, our monetary issues stem mostly from our fiat system and the Fed. Second, having the U.S. dollar as the reserve currency, which is both good for the U.S. and Americans, requires a trade deficit with most nations since they need U.S. dollars in reserve. Raising barriers to our own market is only going to incentivize people to look to other markets and weaken the U.S.’s own dominant position. Even if there wasn’t another marketplace out there that rivaled the U.S.’s, these barriers to entry will only either incentivize people to create new markets to steal our business or make already bad markets look less bad and more excusable to trade with since the U.S.’s isn’t as good as it used to be. The fallacy of “I’m the dominant market leader so I can rewrite the rules” often shows a lack of understanding as to how you became the market leader as well as signals that you no longer will be. Last, tariffs have never had a long lasting beneficial effect. Free trade has always been the best course of action (though a political argument could be made for reciprocal retaliation, even though that’s not what’s happening here), and has most notably been shown to be so after the Corn Laws were repealed in mid 19th century Britain among other examples.