It is simply untenable for a prosperous, relevant, modern society.

Using isolation as a negotiating threat is equally idiotic. It's the economic equivalent of threatening to shoot yourself in the foot.

What does economically shooting yourself in the foot look like?

Product shortages, bare shelves, higher prices, crashing equity markets, declining investment, inflation eating away at your savings --- all entirely self inflicted and coming soon to a WalMart near you.