No, that's just one side of the coin. As prices are now much higher for US consumers, they will buy less foreign products.
Trump hopes to bank on the fact that the demand will shift from foreign made to American made. This could backfire big time, with serious scarcity as possible effect, as the US is an open economy (and thus dependent on foreign supply). Nobody can foresee who will win or lose in this paradigm change! Trump is going Va Banque.