Agree. The 1980's are good times to remember. The US doom and gloomers were then prophesizing Japan's dominance and the US economic collapse. Hmm, what happened to that?
If you leave the market alone the US adapts. Adaptation not regulation has been the key to US sucess.
In 20 years we'll be saying "Remember when some thought China was an economic threat?" And the protectionists will have moved on to their next target.