Read it again. It says “all the essentials of national supply”, to include “the means of subsistence, habitation, clothing, and defense—to be possessed within ourselves. “All the essentials” does not mean the mere basics; it does indeed mean everything. And we don’t even have “the really vital stuff” anymore.
If you want national self-reliance, North Korea has been doing that for a while called “Juche”.
I think its a bad idea.
I did read a comment somewhere, about how people were bitching about "how the U.S. Olympic uniforms were made in China." The response was, whose jet did the Chinese team fly to get to London?