You might have a point vis a vis T-Bills but I don't think your argument holds with, for example, Microsoft stock or 5 acres in Victorville. We create capital in this country from scratch. Microsoft stock had a total value of $0.00 in 1970. We are now trading that formerly worthless entity for Chinese Christmas lights and Honda Preludes. This is NOT a bad thing.
All of the arguments of the anti-free- trade bunch are founded on the assumption of finite resources and a fixed pie. I don't buy it.
So long as you ignore the hugely imbalanced governmental interferences, protective by the Chinese, and suicidal on the part of the U.S. (piloted by nutsos of the Von Mises and Cato camps)...then you are not for free trade. You are an apologist for China's empire. Period.