For each $1000 iphone China makes it only gets $8 bucks profit...Tesla is not happening.
Apple is not happening.
Boeing could happen but I doubt it. It would be a highly disproportionate response. China is keeping that card for other purposes.
Honestly this is an extremely complex matter and would have to be studied extensively by the Commerce, Foreign Affairs ministries together.
However I am guessing that, if I could see that coming from a year ago, the Chinese Gov also did and thus already created its own countermeasures ready to go from day 1.
It very darn well can and should happenings