well I would you suggest you look a wee bit further for the issue that its facing the US and that's the dollar exchange rate.
As its the worlds reserve currency a high exchange rate is generally good for the US on imports and bad for physical exports, for consumers its very very good. For the world a high exchange rate is bad as most things are priced in dollars meaning we have to buy US dollars to trade.
Now the flip, what happens when the exchange rate is low, well all other countries get a boost, sure US exports get cheaper but so do all those raw materials that are priced in dollars, hence if you don't raise your tariffs in any significant way except for target sectors say EV's to protect your domestic manufactures you get an almost immediate bounce for your economy at the expense of the US real economy. Still got to buy those pesky computer chips from china but now you have to pay twice,1. it cost physically more as 1 dollar is now worth 95c and you pay a tarriff... this nearly always leads to stagflation in the real economy.
Hence Trump berating the fed to lower interest rates, to prop up the dollar as the bond market is exceptional prone to us exchange fluctuations... lower exchange rate, higher bond costs. Basically a cash rich country can buy US equity cheap. Its not a fire sale yet but its looming fast.
As for China, it sees a weakened us dollar as a very good prospect and probably worth a bit of domestic pain. If the dollar don't buy so much where will Americans want products from in the future.... the v v v expensive US version or the 50% cost China version, now china can start to price its US exports in relation to the expensive US products upping their volumes, volume = real jobs in the domestic real economy. China's motive is to weaken the dollar and its doing a blinder, so why would the want to talk ? well not until the dollar hits the golden 89 cents mark against the G7 currencies at that point the FED has to prop up the dollar and the US is in a world of pain to keep its reserve currency status.. Its 1970's energy crisis all over again but this time with equity.
