Gene, up until it was agreed to trade with China, every single country in the world put taxes on imports. It was to prevent imported goods from being cheaper than locally produced goods.

It was also the goal of all countries to export more than they imported, so that there was more money coming in than going out.

It was the height of foolishness to remove that tax. The consequences were as follows:

1. Local manufctureres closed down because the competition from the east was too strong.

2. Jobs and skills were lost when manufacturing shut down.

3. Americans became dependent on cheap goods, and the throw away society was born.

4. Inequlity increased.

So, yes, goods will become more expensive. People will buy less, and maybe it will become profitable again to manufacture, and thereby trade skills will become more important again, more jobs, and America more self-sufficient.