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It's brilliant! I just wish we knew how low Donnie Boy wants to take the market.
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I think as we get closer to the 90-day deadline for our partners to pick a side (China or us), it's going to get a lot noisier and more volatile, particularly as the impact of disrupted supply chains gets more pronounced. But beyond supply chain disruption, the administration is going to be surprised (I think, anyway) at the willingness of trading partners to continue trading with China despite our attempted threats.
That is where I think things could either go one of two directions: the Trump administration secretly accepts defeat behind closed doors and our trading partners work with us to find a face-saving way out of this mess, or Trump figuratively throws his dinner against the wall and we get an economic and diplomatic world war in earnest, and if that happens, I don't think too many people here are going to like the results.
For its part, China has said it is willing to talk if it is treated with respect, which I interpret to mean that China is giving Trump an off ramp. MAGA's supporters are probably already crowing and beating their chest, thinking this is some sort of victory and validation of their approach. It's not. Xi does not want this war to deepen because a full-scale economic/diplomatic war would be disruptive and destabilizing for China, too. But it would be more so for the United States, particularly given the political polarization and instability here as of late.