It would incentivize local manufacturing by making it much more costly to use a globally-spanning supply chain. That would increase blue collar worker leverage.

It would incentivize local manufacturing by making it much more costly to use a globally-spanning supply chain. That would increase blue collar worker leverage. It's got a lot going for it, politically. The rich would experience quite a lot of inflation on travel and energy-intensive luxury goods, though, which wouldn't be offset for them.