I don't know if I believe it or not, but I guess it's plausible. Not sure about impacts. Brainstorming

Immediate

• Tron would gain somewhere around 20-30% control over the Steem blockchain
• Tron would gain control of Steem development
• Steem development and marketing would have deeper pockets (assuming they're not buying it just to snag blockchain developers for Tron)
• Witnesses - impact unknown, but Tron could install their own favorites
• Tron would gain control of steemit.com, which is the only place that I think censorship by China is immediately relevant.
• In the short term, users could circumvent censorship by using alternate front-ends, like steempeak or busy.

Mid-term

• Tron's control of witnesses and development could enable more stringent censorship by China
• Working towards standardization of blockchains
• Response to censorship could require a new Steem-based blockchain through use of the MIT license
• Would Tron change delegation procedures w/ Steemit's stake, or even start curating with it directly?

Long-term

• Blockchains merge. TRX becomes a token on Steem or STEEM & SBDs become tokens on Tron.
• SMTs, steem-engine tokens, and whatever tokens exist on Tron's chain all flow to the same platform.