This argument goes both ways. If you look at the trade equation (https://ustr.gov/countries-regions/china-mongolia-taiwan/peo...) - US imports 3 times it exports. So, for every $ of tariff that China imposes, US can impose roughly 3 times the pain. While it would increase prices in the US, it will just kill the Chinese economy which already has overcapacity and > 20% of its exports are to the US.

There are many Chinese practices that are unfair. US companies cannot enter China alone, they need to do 50-50 joint ventures when they setup shop in China. They also need to transfer technology and there is little IP protection. Finally, China imposes tariffs on many manufactured goods while the US doesn't.