"How do you manage this kind of risk that seem like lightning strikes out of nowhere?" Reduce exposure. With VIX high, I look for opportunities to replace equity exposure with short option exposure where it makes sense to take advantage of the higher volatility.
From where you are from and from your handle, (88), I assumed you understand Chinese: Crisis = danger and opportunity. Seems like until something breaks, the market is range bound based on tweets.... But what do I know, I am just a retail like you.