The problem I see is an absolute advantage scenario for Chinese goods in the US. The cost of goods imported will rise with no substitute American goods. America can not manufacture bluejeans, America can’t even manufacture ink needed to make the jeans blue. Maybe I’m being a little gloomy about the economics, I do not see any real comparative advantage. We sold our freedom long ago.
China has another problem: they’re not the only place we can buy cheap stuff. Take a look at a piece of clothing at any store - most of the clothes are made at places all over the world, not just China. China might make a lot of the hard goods like toys and electronics, but not everything gets made in China. If they raise their currency too much, they price their cheap stuff out of the market.