I've been trimming positions to increase cash on hand, as much as possible these past three months. I'll likely put it in some of the more stable industry ETFs moving forward, and won't bother with shorting index funds since we don't know exactly when/where the major hits will come.

My take is that this trade war is irrationally based on animosity (even if the sentiment behind it is rational) so my hypothesis is when the tariffs are finally enacted you'll start to see a bigger shift as fund managers figure out that yes, the trade war is here.