Say US companies are having PCBs manufactured in China because that's currently the cheapest option. You cut off that option and US companies are forced use more expensive domestic options. The effects of that can ripple through US companies that directly or indirectly depend on PCBs, and the jobs lost throughout the economy could be greater than the jobs gained from the new automated factories.
In addition, much of the gain will accrue to a smaller number of business owners, while the losses will be spread across the wider public.
Inevitably, those in control will manipulate the situation to their own advantage.