Yes, resource availability isn’t the issue, and “just invest more” has some massive hurdles:

• China has over 25,000 patents in the field of rare earths
• China doesn’t have the strict environmental-protection regulations like much of the rest of the world. It keeps the price very low, but at great cost to its environment from toxic run-off and the like
• Complex, expensive solvent extraction processes require extensive experience that China is well ahead of the rest of the world on
• China has a highly integrated supply chain from mining to finished product manufacturing

All these mean any processing outside of China is going to be incredibly expensive and competitively unprofitable. It’s not impossible to do, and removing dependence from China is probably worth it, but it’s going to take a lot of capital and time to achieve and sustain.

A lot of farms still went under, but mostly small ones.

Worse was that farmer-suicide rates rose significantly. Imagine having a tarrif policy that knowingly killed many people first time round, so the second time you dial it up to 10.

It was sad seeing farmers, who lost farms that had been in their family for generations, on the news saying they’d still vote for Trump.

It was mostly the big corp farms that benefited in the end. Many smaller farms that had been family-owned for generations weren’t so lucky.

Worse, farmer mental health declined and suicides increased.

Trump: Hey my policies killed lots of people during my first term. I’ll do that again, only this time on a massive scale!

https://www.forbes.com/sites/chuckjones/2019/08/30/amid-trump-tariffs-farm-bankruptcies-and-suicides-rise/

https://en.wikipedia.org/wiki/Trump_administration_farmer_bailouts