Yes, there would be a supply-shock round of inflation, but except for the private interest of those with massive amounts of inherited wealth denominated in US dollar terms, tight labor markets offset most of common negative impacts of a supply-shock round of inflation.

While the US economy is far more open than it once was, it is still under 1/5 of GDP imported, and substantially less than that imported from China and any nations likely to be dragged along with the Chinese action.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.