Tariffs and chaos are attempts to obtain leverage ... until foreign nation start divesting themselves of US Government Debt.
Trump does not want to fight a fair fight. He only wants to fight if he's certain that he'll win.
This is where his ignorance, dillusions, and cognitive distortions bite him in the ass by over-estimating American leverage and under-estimating foreign leverage.
Navarro will whisper in Trump's ear, 'We can squeeze our trading partners because we are the largest consumers of their products.'
Nobody is there to tell Trump that trade partners use their trade surplus money to finance the American Government's deficit spending and debt.
If they don't buy US Bonds, rates go up. If they sell US Bonds, rates go up even more. If they buy gold instead of US Debt, the dollar gets weaker. So, we'll have higher inflation with higher interest rates. This is counter-intuitive to most monetary models because they don't factor in geo-politics.
I was going to start putting some of my walking around money into Gold Coins, but the price of gold got too, high too fast. Palladium coins are more volatile. The most attractive option for me to preserve value is Platinum coins; they have been more price-stable.