The problem is that if the local tax base needs protecting, it is doomed long term anyway.

Take a look at the (no longer that big) auto makers. Decades of protectionism has just lead to companies producing shit cars nobody wants to buy. Canada dumps money into GM, Ford, and Stellantis and they produce a minority of the cars made in Canada now.

Wasn't referring to any particular industry. Pharmaceuticals, tech, ... China is big enough to make anything. But aside from food, how will other countries pay for stuff?