China can wave off US business, which is about 23% of Chinese exports.
What China might not sneer off is being replaced by lower labor cost exporters.
China is in big trouble and they cannot just wave off US exports. Their real estate market has crumbled and the unemployment rate is sky rocketing as factories are closing because they have fewer orders for US exports.
There are already workers protesting in the streets because they are not getting paid.
Xi is in big trouble- the amount of purges in the military are a prelude to the fact he is becoming less popular with his loyalists.