"And watch while we are plunged into a recession due to a huge disruption in global supply chains."
WHAT supply chain? There is NO supply chain anymore. JIT (Just-In-Time) inventory has been replaced by BLTN (Better-Late-Than-Never) and AGNM (Ain't-Got-No-More) inventory.
Went to a large box store on the weekend. They had empty containers marked "Display" on the shelves. Two different employees explained that I should put empty containers for the desired items in my cart and, upon checking out, they would retrieve a full container of each item "from the back". Both assured me all displayed items were available.
Got my display containers and proceeded to check out. Was informed that two of three displayed items were not available. I suggested to the clerk "So now you'll take these two items off display?" He replied "No, they'll probably be back in stock next week."
I left the store w/o purchasing anything and they'll never see me again.
We may be in a recession right now because we can't buy quality goods AT ALL! I've bought five new fingernail clippers in the last six months and, for God's sake, they won't cut my nails! They're all made in China.
Many, if not most Chinese goods, especially machine tools, remain as they were 14 years ago: low quality and every item different with no standardization. And they've driven many good US manufacturers out of business. Why? Because workers buy shitty tools for one-time use, bill the customer for the work and for the tools and then throw away the tools when they're done. Of course no one's considering the external factors here: cost of shitty tools in poor workmanship, longer production times and accidents.
"How do you think people will react to a 10% increase in prices for almost all goods?"
If it convinces American manufacturers to produce quality products then it's great news.