Perhaps one should look at this less in absolute terms, but relative. And also from a geopolitical frame as well as from an economic one.

So if everything had stayed the way it was in 1H2024 (before the election), would the situation for the USA and China been better or worse from a trade and geopolitical perspective.

I'd posit that China is having discernible trouble on the trade front while the USA so far seems to be OK. This article is arguing that China is showing stress by changing export markets, perhaps by discounting or for transshipping. However, he believes inflation in the USA could be lurking.

Geopolitically, it's much harder to see what is happening. I think there is more sensitivity on China's geopolitical attitudes. The USA has convinced some of its traditional allies e.g. NATO, to step up. They are also engaging in trying to slow down China's ascent to geopolitical parity.