Over a 35 year career, I can safely state I have never seen the amount of global trade tension that we see today. And it's not just between US & China! The longer-term question is will this tension and tariffs that have followed subside in the coming years? I really don't believe it will; this is likely the "new normal".
Multi-national companies serving customers all over the world may will be best served if they think through where they make their products and perhaps establish "good redundancy" in manufacturing for the various regions in which they sell. Having this "good redundancy" secures your supply chain and can buffer the company from intercontinental trade disputes (with corresponding tariffs) and any business interruption that may occur.
It's tough to be fully successful as a business when you can't be highly consistent with your customers. And when governments get involved and start impeding free and fair trade, your predictability and consistency is at risk. The winning companies will take this dilemma into their own hands.