The consequence of such a deal is the reduction of trading between these two counties till a balance point or abolutely stopping any trade. That is not too bad.
Both the domestic markets are adequate to absorb the products produced within each of them. In this matter, people in China could be more happier given the trading with the USA stopped, enjoying much more and cheaper high quality goods made in China (MIC) and raising the standard of consumption. On the other side, US will import goods from other countries rather than from China, and Americans shall use the imported goods not MIC although their price and quality may differ.
This situation could be good, or bad. It is beyond the scope of normal trading, but is much related to a long term tendency about the direction how to move the world economic platform in the next decade and so.
There is no doubt that both people in China and US deserve better living standard regardless which deal is pro. That is it.
Furthermore, it is time for both the States and China to concnetrate their respective internal fairs by promoting economies. The US President Donald J. Trump wants to 'Make America Great Again', and is changing the established US socio-political system by placing America first. On the other hand, in particular for China, she has much poor foundations and accumulations when compared to the States, and needs much more work to do in solidifying her domestics than exporting goods to make 'money' from the US market. Therefore, the China President Xi JinPing has proposed the 'Belt and Road Initiative' since 2015(?). In fact, 'The belt and road initiative' is a great idea to use up China's foreign reserve (~$4 trillion) to assist those countries supporting the initiative to build up their infrastructures and acquiring real benefits, e.g., commodities, access to the markets, cultural exchange, economic and technological corporation, and so on.
In ancient time, the 'silk roads' via the land and ocean had linked the Central Kingdom to Arabic and Europe for a long time. The current 'BRI' may be considered as the continuation of the past SR at new level within new annonation, and shall bring forth a new future for much more people in these nations including China. All people in China know the basic concept that you would live better when your neighbors have good life too. Hopefully, others could acknowledge such concept - 以邻为善，天下为公。