This is just empty rhetoric that Trump often makes. It's like the great Israel-Palestine peace deal, the great deal to save Dreamers, the great deal to end the trade war, the great deal with Iran, the 2018 dinner with Xi Jinping where he said it'd be a great idea to end tariffs, and so on and so forth. None of these deals ever happened.
What is actually going to happen is that Trump will demand that China sanction Russia and Iran. This will "solve all the problems in the world" by ensuring American primacy.
If China doesn't obey, Trump will raise tariffs on China by 10% and/or sanction Xiaomi/BBK and/or sanction Chinese shipbuilding and/or whatever. However, Trump would have already planned to do these things anyways. So even if China pulls a Gorbachev, Trump will say a big thank-you to China and then raise tariffs on China by 10% six months later.
Trump will also try to get the EU to raise tariffs on China if China doesn't sanction Russia. However, given the high American inflation the EU observes, I see this as less likely.
My prediction is that Trump demands China sanction Russia for "peace in Ukraine." China then doesn't sanction Russia (or pretends it will sanction Russia but doesn't). Trump then raises tariffs on China and sanctions China, which was his original plan.