The trade war and tariffs is putting the cart before the horse. It simply won't go. US and China's economies are structurally completely different and designed to achieve different outcomes. Obviously, the 1 % don't want to see any changes to this arrangement.
China wants to have a big and strong manufacturing base, to sell goods into countries with disposable income. They need to be productive and have economic surplus, and their banks and financial institutions are set up to cater to their industries. They are doing alright running industrial capitalism under Chinese characteristics to have the prosperity shared in a decent manner among its population.
The US runs financialized capitalism, and has eschewed productivity and economic surplus in favor of sophisticated schemes to transfer wealth from the 99 % to the 1 %, perpetual trade deficits and bloated unaccountable spending of tax dollars. As prescribed by the donor owner class. American salaries are relatively high, and is called a "rich" country, but for the 99 % an ever increasing share of their paychecks is being eaten up by inflated costs and rents. No productive investments are made, because there's none to be found - American workers cost too much. Capital is pumped into already existing assets in real estate and stock markets instead of new business and operations. Decade after decade of worse purchasing power and living standards, going on what 50 years??
And you want to pit these economies against each other and do tariffs? It's a complete non-starter, because as I have tried to explain, they are structurally set up to achieve completely different outcomes. The only way to actually reverse these trends is to restructure the economy to work for the people again, instead of just the 1 %.
The solution is quite straightforward. In the US, all debts need to be forgiven and all banks need to be nationalized. Salaries would need to be cut down, but so would all costs of living for healthcare, insurance, housing, utilities etc. Overnight, American workers would be competitive again, and you can in earnest begin to build back manufacturing, raw materials processing and supply chains. It would require a monumentally focused effort sustained over decades, the kind of not seen since the Apollo space program. That's what China doing. Anything else you hear be it election cycles or policy decisions is just smoke and mirrors to obfuscate this fundamental reality and to keep the party going for the 1 %.
edit: typos