Donald Trump’s China trade war frayed economic ties between the two global superpowers. His second-term plans risk cutting them entirely.

The former president is pitching a 60% tariff on all Chinese imports. That would shrink a $575 billion trade pipeline to practically nothing, Bloomberg Economics analysis shows. And it’s not the only escalation Trump has in mind if he converts a narrow poll lead over incumbent Joe Biden into victory in November.

For China’s economy and its slumping stock market — down more than 40% from its 2021 high — that’s bad news. Worse, Trump’s rhetoric may add pressure on Biden to take harsher measures in the run-up to election day.