The tarrifs are for the US to build it's own domestic capabilities, but this will ultimately shift the rest of the world's trade away from the US and toward each other. It's a trade-off – no pun intended – between local jobs/national security and downgrading their own economy/geo-political standing/currency. Anyone who's been making financial bets on business as usual for globalization is going to see a bit of a speed bump over the next few years, but in the long term it's the US taking an L to undo decades of undermining their own peoples' prospects from offshoring their entire manufacturing capability. Their trump card - still no pun intended - is their military capability, which the world will have to wean themselves off first.