Thats not even including the tax revenue that's lost since many pay income tax (with no representation or access to benefits) essentially propping the system up, in part, for everyone else. I assume they think they can make up the difference on tariffs (nevermind much of that cost is passed on to ordinary Americans)

When the Ottomans took over Constantinople and the Eastern Roman Empire fell, they began charging steep taxes on goods travelling from East to West. The Portugese, not content with paying the tax, launched maritime expeditions to reach India and managed to find a direct route from Europe to India going around Africa's Cape of Good Hope. This was the start of the Age of Discovery. Spain commissioned Columbus with the same goal and.. well we all know where he ended up.

The point being when you charge an egregious tax or tariff people find a way around you rather than going through you. America is likely assuming its in such advantaged position globally that it can get away with it, but history shows that no nation / kingdom can survive alone and when you try to fleece people, they will find a way to exclude you.