At the time, the train of thought was that it was more valuable trying to keep China away from the USSR’s sphere of influence than risking a deeper Sino-Soviet alliance because of their Communist ideologies. (After all, it was still the time of the Cold War, and our opponent was the USSR above all others.)
I highly doubt most people at the time thought America would outsource much of its manufacturing capacity to Red China, but that’s hindsight for you.
To date China owes us over $1.5 trillion in unpaid Chinese treasury debt. Of course, we won't see it because the "us" that China owes are individual Americans (or their heirs since the original debt buyers are long dead), not the U.S. govt.
“I highly doubt most people at the time thought America would outsource much of its manufacturing capacity to Red China, but that’s hindsight for you.”
We, as a nation, should have tariff everything from everywhere that came to the US from cheap labor markets, slave labor, and NEVER allowed corporations to move manufacturing out of the US. That would have made the US a much more secure future.
However, how do you run factories when only 57% workforce participation rate. Lets face it, people don’t want to work and a little side job without declaring income and welfare check is better than working a factory job.