Trump has a history of using violent language and his team claiming the context was misunderstood (for example, he used "fight" some 19 times on Jan. 6). I agree that Trump could be understood to be referring to an economic bloodbath only. We'll see if he repeats the term.
Quote-mining is standard US politics going back to before the Civil War. Biden did it here, Trump has done it elsewhere, before them Obama and Kerry, Reagan and Carter, etc.
BTW, a US-backed resolution for a cease came out yesterday(?), but it condemned Hamas.