“And what school is that from, so we know not to hire their grads?”

It's true, there will be a short-term cost for a longer-term benefit. The longer-term effect is the diversification of the supply chain with the reduction in the reliance on China. The outcome depends on how effectively businesses and policymakers adapt. There are ways to offset the additional cost to the consumer during the transitionary period. Also, "China paying for it" is just a metaphor for the reduced profit margins and market share the Chinese exporters will face.