No, that's not competition. It's called 23% unemployment. It's called an out of business strategy. It's not good for producers, they get run out of business by products made by communist slave labor rates. It's only good for consumers in the short run. In the long run, they cease to be consumers and join the other 23% in the unemployment line.
It's not good for this country. As Thomas Jefferson eventually learned, you need a strong manufacturing base to defend a free state. He had advocated letting American remain primarily agricultural and was happing to obtain manufacturing goods through trade. That was until the "unthinkable happened" (Jefferson's words) and Europe cut us off from manufactured goods.
What you just described is the current EU....and there are people on here who think the US should have an economy like the EU....free trade, high income tax, and no jobs. And they call that a free market solution