If a trade war happened, it would wound the developing world a great deal more than it would impact the United States.
The US could be self-sufficient in terms of resources and manufacturing with relatively minor policy shifts and subsidization of domestic industries.
China's export-driven, currency-manipulating economic engine pretty much needs the US as a market so it doesn't collapse under its own weight. China already isn't playing ball by allowing American companies to compete within its domestic market, so it's not like that would be any great loss on that front.
Personally, I'd love to stop subsidizing the third world at the expense of American citizens. Developing countries need the US a lot more than the US needs them.