These are good points.

I would point to the August 2015 experience though and say that China did not understand the market implications of the RMB devaluation. Maybe this time is different, but they have a lot more USD denominated foreign capital.

As to Trump's reelection, I've been consistent in saying that if he attacks the CCP communists instead of China he will win handily. Not clear he's ever really gotten it until now. We'll see but I won't hold my breath.