This is what a "position of weakness" officially looks like my friends.
Incompetent rotting empire living in the past, the new Soviet Union.
To clarify, such endless, extreme protectionist measures are generally sensible only for young empires/countries with realistic growth potentials and without accumulated structural rot, like the US today has, to use.
Every major Western country and modern China developed partially through this way (not full bans, ofc), to be honest, it is just that you can't do this once you are so old, it's like an old lady trying to wear a young girl clothes.
Introducing these measures late, in the twilight years of an empire, when it's clear that you can't mechanically produce the same quality or competitively priced products anymore, due to systematic rot, can lead to premature collapse instead.
Moreover, in an economy like the US, which is heavily rent-seeking nowadays (due to being in that late imperial stage), eliminating even more
competition would only widen the technological gap behind China paradoxically and increase inflation.
Thus, such moves are only logical in the early stages of an empire. Tariffs are generally a better option because they don't completely eliminate competition and still require domestic companies to make an effort.
Total bans like this one were not even implemented during the economic growth stages of these Western countries and Japan instead, they mostly put around a maximum of 30% tariffs + subsidies (other benefits through industrial policy) back then.
Total bans of foreign products are generally traits of failed states. What's also going on against the US this time is their pride to try and learn from China, their arrogance doesn't allow that - so they'll never grow.
Also, I found Niall Ferguson's new thread chain with a bunch of charts illustrating the collapse better than ever (I didn't expect this from him):