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I think US should enter the trade talks without this "emergency" thing. While the details on what the agreement looks like are awaited, I think it clearly gave an upper hand to China in talks.
Trump needed to frame it as an emergency in order to use Executive Order powers to impose tariffs that otherwise would require much more complex implementation. He cornered himself when China called his bluff and made clear they would not cave to his threats- so much of the US economy is dependent upon Chinese supply chains that the farce Trump begat could not continue long without severe economic consequences for USA. Similarly his threats to Putin have been met by refusal to comply. The war in Ukraine continues, with China buying Russian oil and gas it will continue as long as Putin is still gaining territory. The US is thus further exposed as a power in decline- one that can be and is being dismissed by both Russia and China as capable of calling the shots. With Iran and Russia already selling their energy exports to China denominated in Yuan if the Saudis follow suit then it is the end of the petrodollar and the end of US empire. The Saudis have already joined BRICS and mBridge.
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