It is worth watching Professor Wolff's YouTube video that he calls the 'Likely' Trade War between China and the US. He gets a lot right, but not all.
For one, it's not a 'Likely' trade war, the trade war is already happening, with the US attacking and the PRC defending.
As Professor Wolff correctly says, the PRC have all the advantages in the Trade War, and as he worries, also correctly, Trade Wars often turn into actual military wars.
Professor Wolff was going along very well in his video: First, the Chinese Communist Party exercises overall control of everything in the PRC and is making very intelligent decisions (obviously 110% TRVE: the decisions of those running the PRC have been as close to perfect as possible).
And then he notes that the US have not managed to make such intelligent decisions, also obviously true, but his explanation is somewhat lacking: he says that in the US, since production is in the hands of private companies, each with different chief executives who cannot coordinate under anti-trust law, such intelligent control is impossible in the US.
However, Professor Wolff misses that, over the Chief Executives of US corporations are the Governing Boards of those corporations, and a small group of people sit on the boards governing all the major corporations, and those people move easily and frequently between senior government jobs and senior private jobs, often holding both simultaneously, US laws notwithstanding.
In the 19th century, the US built the world's largest rail network, linking just about all of the US. By 19th century standards (slow though they were), it was a high-speed rail network.
In Europe, the British had a rail system, the French had a rail system, the Germans had a rail system, etc., etc., and one could buy a ticket on the Orient Express and make one's way from Liverpool to the near Orient, using British and European rail networks (and a boat to cross the English Channel), but only by coordinating different national railroads. (And one can read novels and watch movies about the Orient Express, even if one couldn't travel on it.)
But now, the PRC have a large network of high-speed rail (part of a rail network that is much larger than the US rail network ever was) adding to the overall success of the PRC economy while the US have no high-speed rail network (and many problems in the existing US rail network). Wolff says this is only because the Chinese Communist Party have overall control of the PRC economy and so can make decisions that are very unprofitable while the US do not have such a network because there is no US Party having such overall control, so a totally unprofitable network cannot be built.
That's where Wolff's economics break down: if that high-speed rail network is really so unprofitable, it must be hurting the PRC economy, but the PRC economy is booming. The US economic system would be greatly helped by such a system, but it can't be built because it would be very unprofitable. This makes no economic sense. What it means is that the US economy has serious flaws that make it impossible to complete a project the completion of which would add greatly to the US economy (the project has been started several times, but little progress was made because the US economic flaws, not to mention US leadership flaws, have made all such starts so incredibly expensive that none have even come close to completion).
The real conclusion is that a very small group of people who have all the intelligence (and connections) to rise to the top of the US power system have made a lot of decisions which have been very profitable for the decision makers but not very good for the overall US economy or for ordinary Americans, while the small group of people who managed to rise to the top of the PRC power system have made a lot of very intelligent decisions that benefitted everyone in the PRC.
And no one has a clue how to change the way the US works, so the US uses wars to destroy and pillage, taking Iraqi and Libyan and Syrian oil, and doing all they can to get the Iranian, Venezuelan and Russian oil into the hands of US oiligarchs (the Venezuelan and Iranian and Russian projects do not seem to be going nearly as well as the Iraqi and Libyan and Syrian projects went, while the Russian project seems certain to go horribly wrong--sorry, as Hamlet said, ' “Seems,” madam? Nay, it is. I know not “seems.” ').