It will never happen. There will always be some lower labor cost region where manufacturing jobs can be sent, and there will always be some loophole which corporations can use to get around restrictions.
It will have to happen. IIRC, the US has trade deficits with pretty much every country it trades with. At some point, those places are going to get tired of trading real goods for IOUs and IP, especially once there are competing providers of IOUs and IP.
Isolationist policies result in the obvious: isolation.
Which is why the US needs to redevelop its economy to be able to produce more things that those countries might actually want to buy besides agricultural products. The IOU-based trade-deficit policy isn't going to cut it long term.