For me this look like a chess board reorganization. In the past, before China become the dominant supplier to the west, Asian tigers are the main exporters to the west. Then China came and replaced them, Asian tigers then became the suppliers to China. This time, it probably will reverse back. That's why China trade with ASEAN and countries like Mexico are booming. But this could be painful transition for every one, at least for the next 5-10 years.

China is correct to diversify from the west, especially from the US. The US has grown nut for the past ten years or so.