The USA and China are major political rivals, representing very different values, worldviews, and approaches. Honestly, an economic war I believe is better than actual warfare. I would have loved if Russia decided to wage an economic war against my country, Ukraine, instead of literally sending troops, artillery, and missiles.
Economic pressure is an effective way of limiting one's political power, and I would not want to see a world where China becomes #1 over the US, even though I am fully aware that the US has serious human rights issues.
Inflation in the US is managed really well, it's usually well within 5%. The case of the EU is more complex, but I also believe that the hardest time was in 2022.
I don't think inflation will rise, and I'm not even sure that radical Trump will make things worse with China, to be honest. Let's not forget that a part of 'America first' and MAGA is focusing on internal politics and what's profitable for the US citizens, after all.