I'd say china has WAY more to lose than we do. That's the problem with having a really lopsided trade balance, if it starts to shift one side suffers way more. China plays the long game and I'm sure they will likley say "we're willing to suffer for 4, 8, 10 years if that's how long it takes until another puppet takes change in America." They'll say that. But we'll see if they can make it work.
In the meantime, US domestic industries will start producing the goods heretofore imported from China. More and better paying jobs for American workers will result as American businesses and investment return to this country.