We used to run a surplus with China. I do not seem to remember shortages of a consumer goods then and we made out own stuff. We survived without them and without us they'd be speaking Japanese.
Yes the world changes. Trying to run an export surplus is not a worthwhile goal as you need to 1) devalue your currency and 2) make a bunch of cheap crap.
I have no problem letting China be the factory of the world and produce low priced consumer goods.
I prefer America to produce high end capital goods, software, medicine, education, all of which leads to our standard of living rising.
And it has since 1981 when Reagan came into office and promoted trade so heavily.
“Where others fear trade and economic growth, we see opportunities for creating new wealth and undreamed-of opportunities for millions in our own land and beyond. Where others seek to throw up barriers, we seek to bring them down; where others take counsel of their fears, we follow our hopes.”
Ronald Reagan
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