It's central to the current world event. The major theme of the 21st century is going to be china's growth in power vs the US.
Power is a zero sum game after all. If china's power increases, it's going to come at the expense of the lone superpower.
> If China wants to spend a trillion dollars on infrastructure to develop their region that's a great thing for America too.
A china-centered economic order isn't a "great thing for America".
> Eventually the demand for low-margin, subsidized, Chinese steel will flatten, while the demand for high-margin American technology and cultural products will grow.
What makes you think that china isn't going to take over the high-end steel market too?
Unless you think chinese are intellectually incapable of developing high-end steel...