China's economy was already in a downward trajectory, even before Trump took over. When your economy is based on exports, you rely on those exports continuing...and increasing. Any bumps in the road and it will be felt.
China has a large population, but not a large percentage of middle class that can act as an internal engine. There is one reality I learned from my trips to China since the early 2000s: If the news is good (or great) coming out of China...take it down a notch or two if you want a clearer idea of the real situation. If the news you are hearing is bad...then it really is much worse.
China has cut off buying of US soybeans.
US response, create $1 B or so and give it to farmers.
The article talks about a Chinese toymaker who won’t be able to sell toys. Chinese response, eventually, create $1B in yuan and give it to that guy.
You can create money from thin air. Want to know what you can’t create from thin air?
Neodymium magnets.