I agree with most of what you say but I would suggest you reconsider the planet being pulled down in Trump’s American collapse. I’m seeing, with many others, the clear breakaway of the EU and other states from the failing goliath. Merkl just canceled Trump's G5 plot leaving him with nothing.
China is the real problem but not as it is being presented in the US media all of which are polluted with decades of propaganda that is no longer relevant. I would have agreed with your statement of the US as China’s critical customer until two days ago. The world change has been accelerating away from the US model for years. Southeast Asia became China’s primary trading partner last year and buys more from China than the US.
While Obama maintained strong professional diplomacy and management his principles were late-stage neoliberal capitalism concurrent with the steady decline of imperial America. Much of Obama’s skill was the magic of making it all look healthy while the disease continued to spread. The mortal condition was finally revealed in 2016 and now death is near.