I suppose so? But then again, the steelman case for tariff wasn't for them to work on price but on quantity -> relocate factories to inside US market, reducing current account deficit, and thereby China would reduce dollar buying. 

So the forces are working at cross-purposes

denlillaapan

I think I've heard this story for decades now: China wants a weak currency vs the dollar to give their manufacturing exports a boost. If the tariffs were/are really making it harder for foreign goods to compete with domestic, wouldn't we expect the tariffs to actually drive increased dollar buying?

econ

China Is Not Dumping US Treasuries (FT, Brad Setser)

> > Such a country cannot easily diversify away from dollar assets if it still wants to manage its currency against the dollar by selling the renminbi to buy it.

I think I've heard this story for decades now: China wants a weak currency vs the dollar to give their manufacturing exports a boost. If the tariffs were/are really making it harder for foreign goods to compete with domestic, wouldn't we expect the tariffs to actually drive increased dollar buying?