Also, as the Biden administration is quick to point out, US industrial output is up.

So, people are accepting fewer, apparently better employment offers, manufacturing is being onshored, but (due to lower supply of foreign slave labor and exploitable US workers) profits are down, and inflation is up.

Since unemplyoment is low, the Fed mandate seems pretty clear at this point. Interest rates should go up. The market will tank for a few years because inflation and paying workers screws with profits, then bounce back (in real terms) once corporate debt, etc unwinds, and productivity starts to rise again.

Rigid and weak corporations will be displaced by startups and existing companies that are able to adapt/innovate.

It's weird to me that Fox News's staunchly anti-China, pro-US manufacturing Fox News's viewership is so bent out of shape.

Aren't we experiencing exactly the effect Trump's tariffs were supposed to achieve?

Not to delve into politics, but I defy to you explain what the Trump administration actually intended the output of the tariffs on China to be. Trump very consistently said the tariffs were retaliatory for China "taking our money" with the trade deficit being his evidence. He sent separate negotiating teams in the form of Steven Mnuchin and Peter Navarro who were pushing two separate agendas neither of which aligned with Trump's nonsensical reasoning. As far as I can tell, the tariffs were pure PR as Trump did not care about or even understand the intricacy of that or any other policies he advocated. And FOX, of course, isn't really conservative news, it's Republican news.

In reality, there is a case for tariffs on China that has nothing to do with trade deficits. Biden can't just end them because it will make him look soft and let them off the hook for IP theft and other abuses. Really the president should not have this authority at all, Congress should be doing it.