China possible play:

Sell U.S. bonds to raise yields, pressuring the U.S. as debt refinancing is coming closer.

Swap dollars for local cash, which would be a strengthening move for the yuan, while simultaneously printing money in the back end to offset this effect.

This would offset tariffs, pressure the US and stimulate domestically (which is desperately needed).

Chinas deflationary forces would give them the leeway they need to pull of this tactic.