China can subsidize 10-20% tariffs for a few months. They CANNOT subsidize a 54% tariffs.

This will have COLOSSAL impacts on China.

They can't fix domestic real estate, subsidize industries, build their military, fund the Belt & Road, etc, etc with this level of tariffs from their largest customer.

Cool. What about our economy?

Are my eggs getting cheaper yet?

The rest of the world will keep buying cheap stuff from China in increasing quantities.

Meanwhile things just got really expensive for people (and businesses) in the US as so much stuff is made in China.

Yes, it will hurt China. But it will hurt the US much more.