And Trump's plans to use high tariffs to block foreign goods and therefore drive home-grown jobs to fill the gaps could lead to higher consumer costs and rising inflation.
"This can be a good thing for some U.S. workers, who'll see local manufacturers put up new 'Help Wanted' signs," said Gary Burtless, an economist at the left-leaning Brookings Institution. "But there are likely to be a lot more consumers who shop at Wal-Mart and Best Buy than there are workers who'll get a new manufacturing job or see their wages climb as a result of those high tariffs."
For instance, the full unsubsidized retail cost of an Apple iPhone 7 32 GB built in China currently costs $649. If it were made in the U.S. it would cost $963.80, according to a Wall Street Journal analysis, a nearly 50 percent cost increase for consumers.
Likewise, deporting illegal immigrants and keeping more foreign workers out could open up some jobs for U.S. workers, but will increase labor costs — and with that, consumer prices.
So even if that auto or air-conditioning plant worker's job does come back from an overseas factory, he may find his new paycheck doesn't go further than the corner store.