Yes, but there might be a shift in power. It can have a progressive effect as long as there are enough jobs. Everyone will become more poor in absolute terms for sure. It could lead to more domestic productivity enhancing investments, which hopefully will lead to better education and work conditions.

But to be fair, nobody knows what will happen. We're all just guessing and hoping. Usually the poor get fucked no matter what. It's a gamble. But the current trade balance is for sure unsustainable and it relies on military domination (which also is unsustainable).