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IF that were to happen, again a BIG F, that wouldn't be a bad thing. Foreign manufacturers would either make their glocks and XD's here in the US or they would license them out to American manufacturers both of which would be a boon for US manufacturing either way.
Not to forget that weapon imports are already severely restricted. Many weapon systems are completely disallowed from being imported from Russia, all firearms and ammo can't be imported from China. Any long gun to be considered non-sporting, or any long gun that is converted from a select-fire version. Even barrel importation for non-sporting rifles was banned recently. And of course my favorite - handguns, if not equipped with enough safety features, are prohibited for importation.
All of that, and we seem to be doing okay. I think if ALL small arms were prohibited for importation, that would be inconvenient, but never end of the world. That being said, many countries rely on US non-government market as their main place for selling small arms, and they will do everything in their power to prevent any treaty from taking that away.