One important thing people miss is that majority of US exports are commodities. Take soybeans for example. Global soybean market has supply and demand balanced. US exports largely to China and Brazil to Europe. Now, due to tariffs China has started buying from Brazil leading to spike in Brazilian soybean and fall of US soybean price. Supply gets re-routed and market comes back to normal. China on the other hand exports finished goods which can't be re-routed. The larger players in the market know this - the Shanghai index is at a 3 year low which the Dow is at an all time high.