Could the global north economically function on its own?

Hypothetically, if all trade, immigration, and financing between the global north (let's say North America north of Mexico, Europe plus turkey and Russia, Japan, and Australia) and the South were to suddenly completely stop as of today, what do you see as the major effects?

As I see it, the north would rapidly run out of raw materials, clothing, oil, and much of the nutritious food. The South would be see nearly all its non-chinese internet based technology stop working immediately and the rest of it would breakdown within 2 years but it seems like the southeast Asian countries could make up the shortfall. The South would run into the issue of lack of artificial fertilizer and the grain imports it got from eastern Europe which could cause significant famine. Without all the debt obligations and IMF imposed austerity, global south countries would switch from export commodities to domestic food production value add manufacturing.

It seems like the global north would be absolutely devastated with lack of industrial inputs while the global south might actually be much better off in the medium to long term. What do you think?