The squeeze on the Chinese is coming from two sides. Remember, the Trump administration has also put tariffs on the Europeans. For years, the Europeans were able to import cheap Chinese components to build into their finished products (automobiles, industrial electronics and control systems, etc.) Now that the tariffs are in place, they don't sell as much of that equipment in the US anymore; hence the Chinese are also taking a financial beating from the Euro- supply chains.
In my personal opinion, Pres. Trump "hired" the smartest and most "cut throat" investor on Wall Street to implement his China vision; Wilbur Ross! Mr. Ross comes across as mild mannered, calm, collected, and benign; when in actuality he is truly a corporate "killer" of the first order. I'm very glad he's on our side and is a patriot.