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Good? Manufacturing should overtime move locally, and local business should boon.
And you will pay a lot more for literally everything and some products will be either unavailable or with much lower quality. This will also drive inflation to new highs affecting the consumer purchasing power.
I can only assume you are an American, and I am sorry to disappoint you but you don't have neither the manufacturing power, nor the workforce to handle all the manufacturing that is happening overseas anymore. Even if you want to switch to local manufacturing there would be decades until you build the know how build and equip the factories and to train the workforce.
Where do you think your TV or phone or microwave, vacuum cleaner, dishwasher, etc. are produced?
Not to mention that this will also affect your GDP in a negative way, as you will stop being able to export locally produced goods, because of those protectionist policies.
But yes, let's do this /S
Nice edit. I keep talking about European climate from a European perspective.
Importing less directly increases GDP. One would assume it would have 0 impact on exports, unless other governments suddenly are bitchy and angry that they cannot export to us (see: China).
I am sorry but are you an economist or an engineer. The Chinese market is one of the most important for a lot of European companies.
And it is kind of naïve to believe that protectionism would benefit the general population. Look how great North Korea or Cuba are doing.