That can work both directions. If China is going to disregard all US intellectual property rights, then the US can do the same to China (which is the world's largest manufacturer and has at least as much to lose as the US does over such an approach in the coming decades as they seek to move into high value manufacturing increasingly).

That means as China produces its first leading semiconductor products, US companies are free to reverse engineer them and immediately begin producing them (whether in Vietnam, Mexico, Taiwan, South Korea, India or Arizona and Texas), all without compensating China a dime.

As China begins producing its first leading pharma/biotech products, US companies are free to steal all IP from those companies and sell it as their own all around the world, with zero compensation to China.

And so on.

China is going to become the world's largest economy and will soon have the most to lose (if they don't already). Let's see how they like it when the tables are turned.