The finished product itself? Yes. However, this does not apply to the unspecified imported resources used to produce the toilet paper, unless they are also exempt from the tariffs. Unless one or more companies in the supply chain accept smaller profit margins (if such a thing is even possible, as large retailers squeeze manufacturers as hard as possible), a rise in prices of imported base materials is still going to affect the price of the toilet paper.
It is a problem that companies like CyberPowerPC are facing. They build their computers in the US, but all the components come China in some way. Take mainboards for instance, even if a company like ASRock would build a manufacturing plant for mainboards in the US, modern mainboards consist of hundreds (if not thousands) of parts, almost none of which are manufactured in the United States. They'd be looking at importing all the components (which are tariffed), while also incurring increased transportation*, energy and labor costs, making the finished product potentially more expensive than just having it still manufactured in China and paying the tariff on the finished product when selling in the US.
Global supply chains have become too complex to be easily directed by blanket tariffs. Now, it might be that Trump really believes this will work and usher in new prosperity for American workers (which is funny, given the US' employment rate of roughly 4% - even if all those manufacturing plants would magically appear over night there'd not be enough free labor in the US to staff them), insofar as Trump seems to live in his own make belief world, even more so than during his last term. It might be that he was really just trying to stuff his and his advisor's pockets full of cash with insider trading. Stephen Miran might have wanted to lower the US' debt burden by causing a surge in US bond prices, reducing effective interest rates in a year when (IIRC) 10 trillion dollars worth of bonds expire. Trump's dismal performance caused enough investors to nope out to the point where interest rates were rising, instead of falling.
Either way, that is generally why you don't want children - or Orange-Utans with the mental capacity of a three year old - playing with the knobs of your country's economy. Well, generally. I'm sure the MAGA crowd is never really going to be tired of all the winning.
*Transportation is also going to cost more than before and is going to be slower since the goods need to pass customs and need to wait for all the paperwork to be handled and the tariffs to be paid. You can already see this in place if you order something from Temu as the package will be held by whoever they choose as parcel distributor until the paperwork is done and the tariff paid (in this case directly by the receiver). You can opt to not pay the tariff, but that would lead to the parcel either being returned or destroyed (both on the customer's dime, obviously).