"the source of America’s hegemonic power today is not manufacturing (since China controls key supply chains) but is instead financial and structured around the dollar-based system"

This is key to Trumps strategy. Tariffs do deliver swift and easy boost to the US governments finances. They also reduce dependence upon Chinese supply chains. They do not fix the chronic decline in US competitiveness but they do stave off the looming insolvency of the USD. It is the USD and its reserve currency status that is now the USAs most important strategic asset- this asset has also been the cause of much of the decline- enabling dependence upon consumption and living beyond your means which has ultimately resulted in $36 Trillion debt and an annual cost of servicing that debt approaching $1Trillion. The tariffs reduce the government spending deficit in the short term but do not fix the deeper problems in the economy- to fix them would require some much more painful surgery than tariffs. It would require the reversal of the deregulation of commercial bankings allowable lending toward any purpose and require commercial banks to only finance productive purposes. It would lead to a decline in the price of speculative non productive real estate assets and might allow a gradual rebuilding of productive infrastructure. But real estate developer Trump is not going to do that.

The tariffs might buy some time but they could also backfire - shifting the alliance of world economies closer to China faster and resulting in the collapse of the USD and US financial system hegemony.

Chinas mBridge digital trade payments network recently was joined by Saudi Arabia and BIS abandoned its support of the network because it directly presents a threat to the US/SWIFT petrodollar trade payments hegemony.

Without its 'petrodollar' USD hegemony the USA is insolvent. Trump is doing all he can to preserve USD hegemony, with 'crypto' being prepared as an alternative exit strategy...

ala a virtual version of Britains Second Empire -