There is not going to be a tariff war as no country ever wins that. The jobs lost were going to get lost anyway it just happened quicker because of China.
The main point to remember is yrs ago made in Japan was all crap stuff. Then it got better and better, but with that came a new middle class and then it was not cheap to buy made in Japan stuff anymore.
China is going down the same route, cheap stuff at first with lead paint, now it is iphones and all the rest. What is happening people have more money and things are getting more expensive even in China. As is what they produce.
People say China manipulates their currency to keep everything running along and all the rest of the world manipulates their interest rates to keep everything running along so basically we are all on the same train :-)
Regards,