This will slow the pace of innovation in a lot of areas, especially among electronics hobbyists. Cheap chinese circuit boards from Shenzen are a major driver for electronics related businesses, robotics, drones, and lots of other areas.
This is going to hurt a lot of people in the US, and put more money in the hands of big business like most other initiatives coming out of the government lately.
All this isn't talking about the elephant in the room, which is the fact that this agreement is changing because our delusional President doesn't like non whites.