Since the Nixon admin ended the dollar standard the world has basically been pumping the US economy in so many ways, enabling US imperialism.
1)Dollar standard guarantees countries will absorb US budget costs, since they all have to have dollars they have to accept their money devaluing as the US creates artificial inflation.
2)People buying the US stock market due to no fears of free trade, now why would a Chinese or citizens of certain other countries EVER risk buying US stocks? the trade has become so flimsy if even possible anymore, this is a cold war 2.0 at full scale, 54% tariffs on China are not a joke, that almost kills trade entirely, it wouldn't surprise me if China cut relations at some point now or if it keeps getting worse.
The real reason for this tariffs is a very Thucydides trap moment, ALL these tariffs were primarily targeted to China and countries that could potentially be a "threat" again if China were to "fall" economically, example: Japan, SK, India.
Oligarchs are for it because they want to eventually privatize the stock market and go back into a weird pseudo aristocracy, where they control the most powerful corporations in the world, just like back in the 1800s. (notice how Elon keeps SpaceX, Neuralink and others private?) Since the 90s unlike the rest of the world the stock market has halved in size in the US and the trend will keep going until only a couple individuals control the US economy.
This whole plan however has a flaw, it assume China won't eventually pass the US technology wise, but in the event that it happens, what then? will you not trade with China then? if that happens then you become basically North Korea where you are isolated from the latest technology, as the gap grows you get further and further behind in your standard of living. If that scenario happens it would be catastrophic for the US.