It pretty much was terminal, the cyclical recessions and economic collapses every 4-6 years was getting worse and worse each time as more and more wealth is transferred upwards. The tariffs were an easy way to bully "lesser" countries into more favorable "business-deals" while also funneling immense wealth from straight up market manipulation and insider-trading towards the top. Of course, with each wealth-transfer, it becomes more unsustainable, however that's exactly the path America has been heading towards since the 70s-80s.

From this there is essentially going to be a new status-quo with interests shifted West towards China and at home instead of the european theater.