> as soon as USA realizes China is better at business than they are

This is jingoistic at best. Let's ignore that "goodness at business" is an ambiguous and multidimensional metric. Or that defining a "better" direction is similarly dubious. The argument is simply "anything you can do I can do better." To that, the counterfactual is Ricardian comparative advantage.

More broadly, every culture says such things in times of growth and decline. It is never true. But a changing baseline combined with localisation bias reproduces it often. It is a case where the utterance of a thing is more meaningful than the thing itself.