Singling out China is a bonehead move. #1 It risks complete decoupling from China - which has a leader who, for all intents and purposes, can't be removed from office - even if the population doesn't like his policies. #2, there are probably ways China can get around some tariffs by working through other countries, but that said, it seems like Trump is basically just picking a 1 on 1 fight with what is basically a concrete wall. Of course, if China sees an economic reason to give into tariffs, it could be worth conceding, but I'm just a little doubtful that Xi, who again, is basically a dictator, would feel enough pressure that he would ever take a bad deal from a guy like Trump, who probably is not very flexible.
Just seems kinda goofy that the market would react so positively to what is arguably a worse situation.