This is a war over cultural influence. I'm 100% for free markets and anti-regulation (as it nearly all is based on bribes targeted to harm competition), but I've never figured out a good theoretical policy for how a free market should interact with a unbridled dictatorship like China.
China is not only a dictatorship, but a market that is closed or highly restricted to most US businesses. Free trade isn't an option if the US wanted it.