The issue with Trump's tariffs is that they create too much uncertainty; he's not even applying them strategically and has already flip-flopped multiple times.
Regardless of your stance on tariffs, businesses aren't going to gamble billions on U.S. manufacturing if tariffs come and go like Twitter headlines. Businesses make plans in 10 - 20-year blocks, not days or whatever Trump's mood is. Why would they rewire entire supply chains if the trade policy is going to:
1) be reversed next week
2) get undone by the next administration.
Tarriffs that fluctuate each week or with each administration don't provide the kind of certainty or incentive for businesses to plan or make long-term investments. So instead, businesses play it safe: they freeze hiring, freeze investments, outsource even more, and hedge their bets. They stagnate and don't gamble on anything disruptive. until things are more predictable.