The problem with China is that it has taken a hostile non-cooperative approach, ie it’s acting in bad faith. This is evidenced by its diplomatic failures with the region and with the world. The CCP is using economic leverage to coerce smaller players in the global system. The US has its hands tied here, there really are no other options geopolitically.
I live in Europe as well, and sometimes it feels like European leadership is extremely confused: EU is a shitshow that nobody seems to be able to lead (just look at how long it took for agreeing on debt mutualization/Eurobond, Brexit, VDL apologizing to Italy, etc), Germany working with Russia on Nord stream 2 after its actions in Ukraine, Sweden pretending like the lax virus approach has nothing to do with its hyper leveraged banks and heavily indebted households, list goes on... and all we can do is entertain ourselves by making fun of Trump. We are a joke, we can’t even keep our union together. We can’t even pay for our military because daddy America has to foot the bill and if they don’t our European leaders start whining about lack of US leadership.
The US Fed had enough vision to extend the dollar swap lines to more central banks including the Swedish central bank. For the ECB there is a permanent arrangement. Despite the “tough love“ we Europeans are getting on trade from the US, ultimately Europe will soon enough realize the US is its best ally.
We just want freedom and fair economic practices. We won’t get it if we let China play communist game theory with the only planet we have.