Raising the cost importers pay via tariffs does change the math, and an analysis based on the new landed cost might reveal an opportunity to onshore, using your example, TV manufacturing. A problem is, we didn't simply offshore a single TV "manufacturer", we exported (in stages) a TV manufacturing network. The advantage China has now, besides still lower labor costs, is that they have, beside assembly, a "glass guy" next door, a "rare earths processor" guy across the street, an electronic parts maker on the other side, and all the infrastructure, rail lines, power, etc. all there now, in close proximity, with labor towns (read barracks) near too. To reverse this evolution will take years, and the investment is going to raise the cost of American made TVs in the short term anyway. And we haven't even considered we'll probably have to pay Americans devaluated relative wages, and relax our environmental protection costs (a price China has, until recently, largely ignored) if we ever want to get TVs, post-tariff rate hikes, for $400. As I said before, offshoring is the normal and working as intended operation (if profitable) of capitalism.
Additionally, we'd be subject to retaliatory duties on our exports to China because we would lose our case at the WTO, so you're killing sales for our exporters to that market. Tear up the WTO you say? Go ahead, then China can do the same, makes no difference.
Additionally, we'd be subject to retaliatory duties on our exports to China because we would lose our case at the WTO, so you're killing sales for our exporters to that market. Tear up the WTO you say? Go ahead, then China can do the same, makes no difference.