I would, in addition, add the textbook economics that this downturn is not caused by long-term problems of competitiveness, and that long-term problems of competitiveness solve themselves. If you can sell more because you're poor, that makes you less poor.

If there are problems, they are long-term, structural ones. The business cycle is a different matter.

In the short term, it leads to a changing exchange rate, which also helps the rich country compete. China is holding down the exchange rate, which leads to domestic inflation. America has domestic deflation, and increasing inflation will force China to change the exchange rate or suffer more inflation.