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Well, compared to what the other side is doing, "nothing" is a lot more productive.
But he did do the normal "China is currently mad with the US" stuff, like banning the export of rare-earths.
The Trump regime needed to feel the pain. They don't care about consumer spending. That isn't what GovCo cares about. Just look at the state of the domestic economy. The rare earth metals was about impacting the MIC. That's the sector that matters. And China made it hurt.
Every year or two China bans exports of rare-earths to the US.
I don't think anything China did made the Trump regime "feel the pain". Lots of things Trump did made that, but China just doesn't have that power over the US.
China absolutely has the power over the US to make the US feel pain. The problem is any use of that power would make China feel just as much pain. It would be self-immolation. The three main things China can do are.
Cut all exports. Ironically, Trump did that to himself so that's why Trump capitulated.
Sell all US assets. Not just bonds. Of course this would absolutely destroy China's economy, so a no go.
Nuclear war. But this is the end of humanity, so also a no go.
So China has the power, but would need to basically be willing to end life as we know it, or do what Trump did to himself. Again, ironically that was the one thing that didn't involve total annihilation and Trump willingly committed seppuku. So weird.
I think, perhaps, there is room in between those bullet points. Perhaps a few more nuanced options?
Well, sure. But none of them would be enough pressure to change the US direction. Also, China already basically used all of them.
Rare earth being the most famous one. But much like sanctions on Russia this will always be leaky.
Trade with nations on USA's hit list. Russia being the best example. But China already does trade with them. They'd have to start to break EU and UN sanctions to do more, and while upsetting USA would be nice, they don't want to create a tear with Europe.
Stopping Chinese students from going to the US. This would be a longer play, but forcing a reverse brain drain would benefit China to US detriment. However, Trump is already doing this for free.
Creating actual alliances, if this were to happen it would put USA on the back foot as they'd have many nations they would suddenly have to contend with. However, this goes against China's very ethos. China believes alliances are problematic and creates divisions in the world. This is why China has no allies. And to China's point, look at what Trump just did to his allies.
I could go on. Other options are too weak to make a dent or Trump is already giving it to China for free. It's hard to make an effective move when your opponent is throwing golden opportunities at you. To be honest, China mostly just wants everything to play out and see where the pieces lay.
Needs. This isn't the pain they need to feel, by a long shot.