But badly insufficient. The Trump administration is trying to form an ad hoc coalition of Western nations that would respond to the People’s Republic of China’s economic aggression. The effort would

create an informal alliance of Western nations to jointly retaliate when China uses its trading power to coerce countries, administration officials say. They say the plan was sparked by Chinese economic pressure on Australia after that country called for an investigation into the origins of the Covid-19 pandemic.
…
“The West needs to create a system of absorbing collectively the economic punishment from China’s coercive diplomacy and offset the cost.”
Under the joint retaliation plan, when China boycotts imports, allied nations would agree to purchase the goods or provide compensation. Alternatively, the group could jointly agree to assess tariffs on China for the lost trade.

Taking defensive measures is necessary, but it’s badly insufficient. This coalition needs also to be ready, willing, and able to take offensive action, action that would inflict far more damage and cost on the PRC than its own economic assaults would inflict. Tit-for-tat tariffs would be less than useless, they’d only be practice bleeding.

So far, though, “the West” other than the US has shown little backbone for facing down the PRC’s aggression, economic or otherwise. Sadly, too, Progressive-Democratic Party Presidential candidate Joe Biden has shown little inclination to do anything that might upset the men and women of the PRC government.