> My friends in the midwest say that there's actually exemptions on tariffs when it comes to buying the manufacturing equipment itself, to avoid the issues you're talking about.

This is a massive hand-wave and only applies to companies that have an in with the administration. If you're a small/medium-size business that doesn't have a budget for "government relations," or you're in a field like renewable energy or EVs where the admin doesn't like the vibes? Too bad for you.

> Those same friends expect purchase amounts to increase once America starts producing more on its own.

Yes they will, and aggregate output will decrease because producers are now spending more money on worse domestic substitutes for foreign products. Also, you're now shoveling corporate welfare to those new domestic producers, so they have no incentive to step up their game and innovate. (If you want an example of this look at the consistent failure of US automakers to compete globally, because tariffs incentivize them to optimize for building pickup trucks domestically.)

Import substitution has been tried many times before, it doesn't work.