Meanwhile, it's only the US that has placed tariffs on China, and they still have a host of other countries that do business with them normally. This is simply an advantage for China.
There's also the fact that China has a lower cost of production compared to the US. The cost of labour in China is also lower than in the US, so the companies won't lose much if tariffs are increased compared to the companies in the US.
yet reality is china closed many factories, workers migrated to places like vietnam, sending chinese cities real estate plummeting down and its retail malls and restaurants with no locals to buy things as they mostly migrated
china certainly is not just able to wait it out unharmed, they are already seeing big losses due to it
This is currently happening to them now that's why they call out diversification and have talks with other countries for possible creating alliance since if they fail on this then their country would provably get hit badly on this huge tariff imposed by US on their country.
And if US would succeed first to have a deal with other country then say not or reduce their trades in China then this is another bad developments for Chinese government.