China is going to replace US imports with those from the developing world. They’re playing to win the future (which is Africa and India, from a demographics and therefore economic development perspective).
I personally don't think tariffs are the right call, but I also don't think China has a perfect response either. They can't cover tariffs out of pocket because their government already bends over backwards to subsidize manufacturing. China is not the supernaturally stable power they project to others, and their power structure can be broken by refusing to give them what they want.