It's not as simple as that. I agree with you that trade with China has been one sided and has damaged the U.S. and enriched China. However, by far the biggest problem with China has been the technology transfers in which the U.S. government gives away our technological advances and gets nothing in return.
The missile technology that was transferred to China was simply treason.
Free trade with China has been pushed by the Democrats, more than conservatives. Sen Feingold’s husband as well as other Democrats have been big operatives in China. And don't forget all the money the Clintons got from Johnny Chung, Charley Trie, the Riadis etc.
American manufacturing became uncompetitive largely due to unions and the regulatory climate.
But despite all this the U.S. is still by far the strongest country in the world both militarily and economically. The fact that the current administration lets other countries insult and threaten the U.S. is an enormous failure of the current administration.
Kudos on an excellent assessment.