The US trade deficit has basically nothing to do with China's economic policies. It's driven by structural issues inside the United States, as well as the use of the US dollar as the international reserve currency. If the US were to end all trade with China, the trade deficit would just shift to other countries. Americans buy more than they produce, and China has little influence over that.

> valuable US tech companies aren't allowed to compete in China.

Facebook and Google can't operate in China because of censorship laws. Many US high-tech companies do a massive amount of business in China, including Apple, Qualcomm, Micron, AMD and Texas Instruments, to name just a few.