Very important point - China being able to start industry was just a happy coincidence - what really happened is that progs killed US industry with no plan to move it at all. If we cut off trade with China and think this is all fixed we have rude awakening in store.
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We paid for all the goods from China by exporting expertise in manufacturing - we no longer have a monopoly on that so the price on consulting to build factories is lower. We can't buy stuff in exchange for teaching manufacturing any more. We'll just be poor.
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Actual capitalism where people can own and staff productive enterprises where actual things get built isn't currently permitted in the US.
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