>>but meanwhile we are going to pay 25% more for almost everything we buy?

Won't happen: first, China isn't that large a part of your economy, but what they do is seek to dominate strategic areas including electronics, car batteries etc. Once underpricing via cheap workforce and crafty subsidy drives competitors out, the prices go back to almost what they were- but still low enough not to provoke renewal of competition. Trump's tariffs break that equation, effctively forcing Chinese government to bump up subsidies to cover the tariffs or pushing up prices which empowers local competitors again. It's just a shame that blue collar workers including many inner city black communities had to be sacrificed so China and the Romneys of the world could gobble more. I still marvel that they're allowed to exhibit their wealth without pushback at the war they effectively waged on the blue collar workforce.