On some level, yes. The whole pitch of globalism was cheaper goods, readily available, through the concept of comparative advantage. The underlying security assumption was interlinked economies become too dangerous for any one party to fuck with, ensuring consistent flow of goods from producers to the relevant consumers. A fundamentally flawed assumption, for the history of humanity is irrational decisions leading to war and destruction - this isn't explicitly a universal bad thing, but it does mean that any people who find themselves wholly dependent on the activities of others will inevitably be fucked over, as we are seeing now. For most of us its just rising prices and empty shelves, but Africa is down shit creek without a paddle as more and more countries ban staple crop exports, and its gonna get worse as more and more farmers are looking at fertilizer and seed pricing, and deciding to plant groundcover and let the fields fallow.
What we will probably see is the end of Globalism for base and natural resources, and immediate-manufactured items from them. The days of cutting down trees to ship them to China to assemble into particleboard flatpack furniture to ship back to the US will be over. Domestic food and staple good production will be a norm, with trade being surplus and excess shuffled around, much like how the dairy and egg industries already operate.
Trade will still likely be a major source of complex goods for many countries, but where that line ends up being drawn is anyones guess, and on a long enough timescale, everything becomes a non-complex good. It plausibly lies somewhere between High Tolerance Machined parts and Micro Electronics, as the former can be done with illiterate labor and can self replicate their own tooling, using local metal supplies, and the latter is an incredibly talent and capital expensive industry that only works at massive output scales, making domestic consumption of all outputs difficult. Digital goods will also probably stay trade heavy, due to centralization of the needed talents and the fact that any protection measures against duplication are legal and software driven and easily fucked with by national entities in times of crisis.