china is already losing its leverage. chinese ports are already filling up with containers of cancelled orders and suppliers are being hit by demurrage charges(parking tickets) for leaving goods at ports.
china is also cancelling export flights and cencelling new built plane orders.
even cancelling new cargo ship builds. they have loads of cargo ships just parked up already
unless china come to a deal by May 2nd there will be further hits on goods under $800 that will be tariffed(de minimis exemption expires). meaning pretty much all goods
If China is on the losing end, then why are Trump and the US panicking and hoping Xi Jinping and China call them up as soon as possible? China has so many other trade partners to deal with, unlike the US that has been trying to isolate themselves over the years with stupid sanction policies.
China can still move their goods and trade with South America, Africa, Rest of Asia and parts of Europe. Yes there may be some impact at the beginning but in the long run, China will be just fine.