I think the big difference is that China produces things that the whole world needs, and it’s much easier for Chinese companies to find alternative buyers than for US to find things they get from China, many of which aren’t even produced anywhere else.
It’s absolutely about who gets hurt more, and it’s worth noting that China has already been actively redirecting trade towards the Global South https://asiatimes.com/2024/05/2-words-explain-china-export-surge-global-south/
I think the big difference is that China produces things that the whole world needs, and it’s much easier for Chinese companies to find alternative buyers than for US to find things they get from China, many of which aren’t even produced anywhere else.