At least, that's how I understand it. China is the second-largest economy in the world. I believe tariffs should be as low as possible for the good of the global economy. I dunno. I'm not the economic expert here. Maybe Trump will pull it off and put America (and the globe) right back on the spotlight? One can only imagine.
Tariff increases can affect cost of living in short term and medium term but I really agree with Trump that, USA companies need to prioritize their productions in their homeland, to create jobs for their citizens and rather than bring money to other countries like China, keep it in the USA.
Another big risk of migrate your production to China, is your companies will depend so much on that nation and Chinese government can affect USA companies if they want to create pressure on USA government. It's kind of big threat to national economy and security too, so as said I agree with Trump on tariffs.