This is naive. For larger firms, targeted product and industry-specific tariffs can be a game-changer. For example, Trump created a set of exemptions related to smartphones built in China that weren't officially aimed at Apple, but since Apple sells approximately 50% of US smartphones (for a much larger slice of profit) and 80% are made in China, this disproportionately affected a single company. But there are other areas where the administration can also use Federal power: see, for example, Trump's use of Federal approval to block the Netflix/WB merger as one example.