And provably Trump see this and one of his Intention is to leave a statement that US is a strong country that they need to obey. But to bad he maybe didn't calculate well the risk especially that they didn't foresee the possible effect of this implementation especially if there's country like China will fight back on the actions they have do.
Maybe for now they could justified that they are winning temporarily, but the long term effect of it is damaging to US especially that China is doing its job to create global alliance especially that they are active condemning on bad actions done by US. If US will fail on this, then provably that they can fasten up the de-dollarization process and maybe this might be the reason that their country will fall down.
USA vs 1 nation type of battle will 99% result in USA winning. So if he put tariffs just on China, and pressured all his allies to follow in return of benefits, then yeah, Europe and Canada and Mexico and many other nations will put high tariffs on China in return of cheap products from USA and not giving them so much, or even cheap energy. But USA didn't do that, Trump did "USA vs ALL", and that never works, you can't make money based on that, USA is stronger than any other single nation but they are not stronger than all other nations that doesn't work.
Trump realized this a bit too late, retracted back on his tariff war, and he is trying to just find arguments on lowering it to a sane level and just say that was his intention to begin with. For that purpose, he could have just not done any of this and that way the economy would have been better, due to him doing a mistake and then walking it back, he is still hurting and already hurt the market a lot.