In actuality, the Chinese company can't half their prices. So instead of paying $0.50 for a Chinese bolt, consumers now will pay $1.00.

Unfortunately the US bolts will not be plentiful enough. They'll also have to import steel to meet new demand, increasing their price. So ultimately you'll still buy the Chinese product but it will now cost double the price -- $1.00 after tarrifs. Hence the price of everything that has a bolt will increase.

Why can't they? You think Chinese products are priced to perfection via competition? Or maybe their government had a hand in it, or they learned to price to what the market will pay.. I guess we'll find out... Either it'll be what makes sense to me, or what some writer told you.