No they don't.

Most goods from China can be sourced elsewhere, moreover, America has the surpluses to handle some extra cost.

China doesn't. They are at the end of their last boom, and in trouble, it's really bad, and this comes at a bad time.

This is why China's response to Trump's most recent massive tariffs are much smaller.

The US has the upper hand in this, though not blatantly.

The sticking point right now is verification: both sides agree that China should stop with the IP theft, but the US does not believe China will actually do anything after the agreement has been signed, and so wants China to change it's laws. China sees this as a breach of sovereignty. So there's a huge face saving problem on China side, and to some extent on the US side with Trump.

I think they will work it out actually, a deal will be signed, China will take 'some steps' but they won't really care, Trump will be gone in a few years. I don't think that much will change in the end.

But these tariffs are really bad for China.