I think Trump is picking on the wrong people here. If any country has the ability to stand their ground it’s China. They can just sell their goods elsewhere. America may be the largest economy, but it’s in relative decline, and there are plenty of other markets out there. It might be painful but China could survive. In fact they, and other countries might just see it as the wake up call they needed to move beyond US hegemony.
The worrying thing is that whereas the US is in decline economically, it still has the largest military by orders of magnitude with bases round the globe. They may simply pursue “politics by other means”, as war of domination is sometimes described.