You know, I was a full on, free trade advocate for my whole life. However, I'm beginning to shift my opinion. There are huge problems that must be addressed regarding protectionism, but if they could be corrected, then I might be willing to cut the American markets off from our competitors in an orderly fashion:
1. High corportate taxes (any corporate taxes) makes the cost of manufacturing go up. I say that if a corporation has at least 75% of its work force in the US, and they produce goods using parts 75% acquired from US manufaturers that do the same, then they pay NO TAX! That'll incentivize US industry to grow here at home.
2. Declare an open season on tort attorneys that have been judged to have participated in 2 or more frivolous law suits (one buck, one doe per season). Tort exposure to US manufacturers adds between 11% and 27% additional cost to our goods. Why produce here when you have less legal exposure in China.
3. Allow inefficient, poorly run businesses to fail. Yes, that includes GM.
Fixing those few issues might be a start.