Mish parses the numbers for us. The figures show that the US is still alive and well, in spite of superficial appearances.
For one thing, China is chiefly an assembler rather than a producer. For example, I recall reading that the cost of an Apple iPhone out the door is about $125. Although it carries an "Made in China" label, the Chinese contribution is only a bit over six dollars. (Sorry, I've lost the link to that article.)