I live in Beijing and I can attest to the fact that this is happening on a far larger scale over here, and China is running out of ways to hide it. I think that's basically Trump's goal: it's okay if the US economy takes a hit as long as China takes a bigger one (at a time when they can't afford to take a hit at all). If that's his game, then frankly I'm for it.
I'll take a bloody nose if that's what it takes to break both my enemy's knees.