Yeah, I still don't see the problem. It certainly raises prices on consumers. If it raises them enough, someone stateside will have the motivation to fill the void and these giant multinationals will eventually be compelled to build it here. The opposite of what China has been doing to us for as long as I can remember.
You know what stifles American innovation? Having a great idea, going through the process of legalizing and protecting your idea here at tremendous cost, ramping production, and as soon as sales volume can be detected by some incredibly advanced algorithms they have running on every sales site on the web -- your exact design is copied and repackaged at 1/5-1/10 the cost by the Chinese and sold on the exact same websites. They don't give a damn about your patents and there's no one there to crack down on it. By the time you go exhaust legal avenues for no gain, they've flooded the market with the product, and you are ruined with no hope of being made whole. This happens to hundreds of thousands if not millions of Americans every year. And Trump is the first person that's tried to do ANYTHING about it. You want to know why Nike, Apple, etc are in bed with the Chinese? This is why. It was a game even they felt that they couldn't win in opposition.
The problem is exactly as you state- it raises the cost to consumers and doesn't penalize China.
You hope this will lead to Americans onshoring production, but that is an ignorant hope at a large scale.
The US literally doesn't have some infrastructure thst China(and Taiwan) have for manufaturing. There are entire roads and even towns where businesses which compliment one another are located close by for ease of production.
If tariffs increase, you will see more of whats already happened- companies will relocate to other places in Asia with low labor costs. This will get around tariffs and there will be no new jobs in the US.
Seriously- this has happened over and over already in the last 18 months of tariff wars.
Now you weave complaining about intellectual property theft with tariffs when they are separate issues.
I am fully on board with cracking down on IP theft, forgeries, knockoffs, etc. Totally on board. In fact, I even think Amazon should be held accountable for hosting products that are knock-offs or violate visual recognition standards.