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Maybe not immediately, but very soon the price of anything imported will go sky high.

Don't forget that there's a silver lining to that black cloud. While the cost of imports would go up, the cost to foreigners of items exported from the US would fall. That would be a double jolt of demand for US products - both foreign and domestic consumers would see a price benefit to buying US goods.

And that would be quite the stimulus to the US economy. With the caveat, of course, that we'd need to invest in the manufacturing and distribution facilities to supply that increased demand. Whether the capital would be available to finance that investment is a question I can't answer.

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