I think this is essentially the exact same approach as the "bring back US electronics/heavy industry"-- you subsidise a sector (either directly, via regulation or tariffs). This can have positive outcomes (crisis tolerance, less reliance on international trade), but all those jobs that it brings, are basically paid for fully by additional costs for taxpayers/consumers (and there are also negative side effects on other sectors).

I think this is currently in vogue globally (both sides of the political spectrum), but its important to remember that we had good reaons to stop doing this in the past (or at least scale it down to absolutely vital sectors like agriculture).