United States: The total effect of trade with China

The United States has a massive trade deficit with China, and Donald Trump would want to rebalance trade between the two countries, in particular with a significant increase in US purchases of goods and services by the Chinese. But what is the net effect of the US trade deficit with China? First, it corresponds to a transfer of industrial production from the United States to China, which is negative only if it has not been possible to replace it with other production in the United States; Second, it provides the United States with Chinese products at far lower prices than those that would correspond to US production. So the net effect of the trade deficit with China on the US economy is in our opinion zero or slightly positive.