Like a see-saw. down here and up there.

The population of the EU is 500+ million. That of the US is 300+ million.

The EU and the US are both industrial and huge agricultural powers.

What China will lose because US of protectionism she can easily offset by free trade with the EU:

http://www.xinhuanet.com/english/2018-07/11/c_137317274.htm

In fact, she enjoys free trade with ASEAN. She is now opening up with the Arab states, African states and South American nations.

In the end, the world's largest market, China will be closed to the US.

You really have to wonder, how such an event will benefit the American taxpayer and consumer?