China panicked and yet imposed tariffs of 34% on the USA, so said delusional man-child Trump. He is now believing in his own lies. Children are children with different way of thinking.
If China really panicked, Xi would have flown to Washington now to beg for mercy. Did Xi do that to show that he is panicking? No, Xi is not panicking and is going to Moscow instead to meet with Putin. That shows which is more important for China - Russia or USA.
Trump has wiped out a big chunk of the fortunes of the big tech companies with his tariff fallout, which is still not the end of the story unfolding. Musk's association with Trump and his rhetoric is leading to his massive losses of his Tesla investment. Associate with a six-time bankrupt can only result in having the bankruptcy stigma being transferred to Tesla. Trump really has the Midas Touch in reverse as well, just to quote John Mearsheimer, commenting on Joe Biden earlier on his massive mistake of pushing Russia towards China.
The USA can continue to spin that those tariffs are going to collapse China. As if twenty years of spouting the collapse of China mantra is not tired and weary enough. The West does not know how the Chinese economy really works and is making assumptions based on the USA and Western mindset. What works negatively in the USA and the West does not necessarily mean that it will also work against China economically. For example, there is a world of difference between Chinese worker's working attitude and Western workers. In the West, workers fight for more pay and yet want shorter working hours. This has been revealed by Taiwanese workers seconded to TSMC factories in Arizona, where they found this out to their disbelief. Too many years of having free loading on the fruits of others labor in exchange for toilet papers has raised one or two generation of lazy bums that cannot do an honest day's work. They probably prefer to live on the streets with free housing, food from soup kitchens and no utility bills to pay and making use of free street lighting, LOL.
Trump can continue to raise the ante to confront China, while China and the rest of the world are finding new avenues to trade among themselves, maybe just forgetting the USA completely in time to come. Since the USA is moving towards closing its market to others, it works perfectly fine for China, which has been discreetly de-coupling from the USA. Notice too that the USA does not talk much about de-coupling from China lately. Sounds rather abnormal to say the least.
Oh, not to forget that protests are taking shape against Trump, who is asking those protestors to toughen themselves for the pain. Ya, bear with the pain, while Trump cuts taxes for the super-rich. Sounds rather illogical.