American software companies dominate tech and internet in both mindshare and profits throughout the world, excluding China. Despite them "stealing" all this IP.
Sure, the US may not be able to compete in China, but the openness of the US meant that the rest of Asia, Europe, Africa America's were willing to buy their products.
When the US engages in nationalistic trade wars, it loses China's market which was never really available to it. But it also gives Europeans and Asians and Africans an excuse to exclude the US from their markets.
Any country wanting to do that, which I suspect a lot of them will now that Trump has decided he just wants to fight trade wars despite the US being the biggest winner of the current economic system, simply needs to point to the well known American spying to ignore American suppliers and software companies and developers.
The US may come out net better in the relationship with China but it's gonna lose a lot more. (it won't even here...China had been giving America TVs and computers and what not for pieces of paper. If you told an alien this deal they wouldnt believe the US is complaining. The US's problem is entirely that it hasn't been able to distribute this massive wealth surplus it has enjoyed throughout it's society, because it has prioritized the ability of the richest to hoard that wealth to the point they don't even have islands left to buy, instead of providing healthcare to the poorest).