Well it will actually work. There is enough resources and patents to be used for that, altough it will require HUGE changes in manufacturing.

Only problem will be actually with closing borders - its simply impossible at the moment, as US never were able to produce their own decent scientific ideas. Can use existing designs, elaborate on them - yeah, and do that great. But initial ideas nearly always were born somewhere else. So it will require about 14-16 years (time for new wave of students completely from 1st grade through college) and serious educational reform to get that cut.