The industry as a whole will survive even if the US is going to be a money pit, but it will necessarily contract a bit and lose some cultural cachet as game stores struggle to survive as third places and getting a given game becomes harder. US-based companies that heavily rely on little plastic bits are probably in a bad situation, and it may be a bit of a "dark age" of sorts, but gaming isn't going to be gone.
I would expect that the nature of games being released and how they are released may change. More paper and electronic, less plastic. More effort going into preventing unauthorized copying - perhaps more reliance on preorders and Patreons to make sure that a reasonable minimum payoff, skewing the kinds of successful games etc etc.
As an ancient being, I anticipate it feeling a bit more like the early days of anime availability in the US, but that's purely a hunch.