Yes, but they are overhauling that. De minimis is going away for Chinese goods (and definately did give companies like ali express an unfair advantage with price conscious shoppers).
I honestly dont know how the IOT space is going to manage. Espressif microcontrollers that used to cost < $2.00 that you could slap in a security camera are going to cost $50.00 now.
I also wonder how it is going to affect the US's ability to develop their electronics industry in the long term. It's not just manufacturing and components at stake here. Many people are exposed to and learn about electronics design through less expensive Chinese products. Maybe American companies will step up and address these markets again. Maybe. Or maybe not.
Well those manufacturers rely on those compnents. Maybe Texas Instruments and the likes can takr over, but even TI has a factory in china with 3 others worldwide, but there arent many that can. Noones going to invest in these types of factories either, not on a 3 year timeline... Everything is juat going to cost a ton until people realize.
I don't think this rule will be applied only to Chinese goods. Otherwise a simple strategy for Chinese firms is to send product to another country and then to the USA.