I was complaining at length about it a few weeks ago. Going on Digikey or Mouser the amount of components that were listed as tariff applied or tariff pending was ridiculous. This makes it more expensive for any kind of business that needs components in a reasonably high volume, especially small business that don't necessarily have the extra profit margins large companies do to cushion the added expense. It's also bad for hobbyists that are working on small budgets like students.
As for China why the fuck would they care about tariffs? They'll just apply the markup and continue business as normal. We're still gonna buy from there because even despite the tariff buying locally is still exponentially more expensive, typically offers more limited choices, and often isn't even an option in many cases. And the idea that tariffs will make large corporations magically pack up and ship their operations back to the states is a fairy tale. A company that has invested billions in state of the art facilities in China isn't just gonna throw all that investment away then spend billions again to rebuild back in the US and then have to deal with having a consistently higher overhead because they have to pay workers here more than $0.30/hr. Nobody with even a shred of technical knowledge thought this plan through before it got a stamp of approval least of all the President.
The one thing I will say is if you're looking for a way to make money, smuggling electronics into the US to bypass the tariffs might be viable. You only need a boat and in a few trips that will hopefully pay for itself.