Absolutely, to minimise the benefits US got from the associations with China is unfair.
To say the relationship only benefitted US "corporate bottom line and cheap consumer goods" doesn't show the whole picture. While at the same time benefitted China greatly, showed not only lack of understanding, but lack of respect for China's OWN efforts in lifting millions of people out of poverty.
Let me start by saying all country have INTEREST, and when the relationship began 40 years ago, it was because it was in the US interest! Period!
It was in the US interest that US can use China to counterweight the Soviets.
It was in the US interest to have a vast pool of EDUCATED workforce willing to work and get paid one twentyth of US workforce, thus providing cheap goods to the US consumer. In doing so, have kept US inflation low, leading to higher growth rate (some economists estimate that US economy could be as much as a third smaller if it wasn't for the sweats of the Chinese)!
And as for corporate America benefitting, well, the corporate taxes have fueled US economy and its defence industries.
So while I agreed that US at the moment is only acting in its own interest to stop a rival from overtaken it.
We must also acknowledge that the past 40 years, the US has also acted in its own interest, and not out of any friendship or goodwill in helping China!
I think you misunderstood me. China's development is largely due to China's own efforts. China focused on development like a maniac, while the US self-sabotaged itself by its lack of focus and distractions in the Middle East.
What I am referring to when I am talking about relative benefits is strictly limited to the US-China relationship. Look, if you compare what both gained from the relationship, China's gains has VASTLY outnumbered America's gains. Of course, China's cheap labor and markets have tremendously benefited American corporations. As far as the American people and the relative power of the US? Not so much. If you do not understand this, you won't understand why Trump's message is so powerful or why he still has so much support even though he acts like a maniac.
China has DEEPLY benefited from its interactions with the US. China 40 years ago was a backward, communist, hell hole. Today it is the second superpower. Tell me, what has the US learned from China compared to what China has learned from the US? Literally China has taught the US NOTHING, while the US has taught China a MAJORITY of what it needed to develop. Where will China be today if it weren't for the millions of Chinese educated in MIT, Harvard, Yale, Stanford, UC Berkeley, UCLA, Cal Tech, etc etc?
If the US never engaged with China, it's GDP will be smaller, it's corporations wouldn't be as rich, but relatively it will still be unchallengeable. It will also have more of its industrial supply chain at home.
You can dislike what I'm saying, but you know it's the truth.