You seem to have a good grasp of this. Do you have any thoughts on the effects this will have?

If China is discounting their goods, and consumers are paying for the tariff as taxes, then there is additional strain on China's ability to compete, which might bring back industry here, but more likely to Mexico, which is now getting the same treatment.

US taxpayers are basically now paying a more efficient form of taxes, since it's a tax on behavior we want to reduce, and it's largely offloaded from the consumer by the Chinese price reduction.

On the other hand, I only like tariffs to offset anti-competitive tactics. Given a little time, government will get hooked on the revenue source and US manufacturers will get soft from having hobbled competition.