Both of you are correct to some degree. China's economic woes started over the tariff war, which hurt the American supply chain. The virus is just the latest blow, and may be the catalyst to burst a bubble that's been fueled by corporate welfare/buy back, cheap money & an irrational sense of consumer confidence. Y'all are just being obtuse on the merits of each other's argument.
Here's a more interesting statistic...
https://corporatefinanceinstitute.c...aluation/market-cap-to-gdp-buffett-indicator/
This is why Buffett has been holding so much cash.