China actually holds some very good cards in this 'war'. A HUGE amount of debt and assets in the US are owned by Chinese investors and institutions. Imagine if they decided to call in the loans and sell off the assets.
There is a good explanation of all this on a podcast by David McWilliams (which i cant find the link to now) from before the tariff wars. Its an eye-opener to see how exposed the US economy is to China.
For Trump to take on China is probably a mistake.
The Chinese people are also more likely to weather any hardship than Trump voters, i'd guess.