It is that bad. One possible outcome is Trump places a 60% tariff on Chinese goods. The Chinese decide to go short term pain long term gain by shutting off all exports to the US. The logistics damage will shut down US auto industry the home building industry etc spiking unemployment and inflation. Trump lowers tariffs back to zero, says China learned their lesson and then has lunch with Xi. McDonald Big Macs for all….
US voters vote out all MAGA legislators. At least in the screen play I would write.