I've been saying the same for well over a decade.
To couch it in positive terms, US and Euro consumers have helped China pull roughly 300M Chinese out of poverty and modernize their country.
Now let's do the same for India, which is roughly two decades behind China on the development track. And spread some of that manufacturing wealth to Brasil and Indonesia and more to Mexico, etc. Could try to entice Turkey and Pakistan to alter their policies in exchange for a piece of the action. Everything made in China can be made elsewhere
A well-thought out international trade policy could also reduce immigration pressures by spreading jobs and wealth to Brasil, Mexico, Argentina, Central America, etc. Making them regional immigration centers.
Strategically, giving $300B a year to China in exchange for cheap goods at Walmart isn't a smart play for the US.