One-way trading does not produce wealth.
Wealth is "created" when one person with a special set of skills exchanges his work with another person with a special set of skills. Eventually, this forms into groups exchanging sets of skills with each other. Or put another way, wealth is created when efficiency is improved. This is why you have an agriculture revolution, then an industrial revolution, then another agriculture revolution, then another industrial one....and so on...
E.g. I could probably figure out how to build 98% of a car myself but by the time I built all the tools to make all the parts, found all the chemicals, ect. ect., it would probably take me my whole life. On the other hand, I can buy a car from a group of people for less than my yearly salary. Hence wealth is created (notice, wealth is a bit indistinguishable from time), that group of people exchanged the car they made for my services.
We don't produce wealth with China. We rid ourselves, systematically, of our wealth.
We are like a rich widow paying her cook/maid with valuables from the mansion. Eventually, there will be nothing left to sell. The cook is not buying anything from the widow, the widow is not producing any goods. Eventually, the cook and the maid will leave once the house is plundered. The widow will have nothing left to sell and no capital to start any enterprise.
I'm all for trading goods, they sell us tyres and we sell them chicken noodle soup, but they are not interested in such an exchange.
I know that our labor laws make production the US more difficult than it should be, but even without labor laws, we couldn't compete with China's communist system. Just like in health care, a government run (or protected) tyre option will eventually take over.