The practical reality is that NO country can exist WITHOUT trading with China.
No matter what happens, China's economy will SURPASS the US economy in the next three decades or so. You can't argue with bald facts. If the US did not grant China most favoured trading status, it would be to the US's detriment, not China's.
Sidebar:
The Chinese are an interesting society: no "invading culture" has ever dominated them: they adopt, integrate and assimilate all influences to make them "Chinese". Let's call it sinocizing. Even now, when patents are copyright are only just becoming legally enforceable, the Chinese have their own parallel technology for just about everything; from mobile telephony to Digital Versative Disc encoding standards. What's more, they have a policy of built-in sinocizing all foreign influences: when a company seeks permission to set up in China, half of the management staff must be Chinese and there must be a process to create a "Chinese version" of the company, so that most (all) the IP is transferred, and that China will never be forced to compete with the other undeveloped nations of the world in commodities markets, alone (coffee, sugar, raw materials, etc).
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China isn't going to attack the US. It's not in her interests, nor in character. She wins by byzantine infiltration and subversion: the Chinese Emperor was the most powerful man in the world a thousand years ago, and their political system has been subject to sino-kaizen for five thousand years. Now if China decided to invade Australia, for example, then there is precious little anyone else could or would do ...
We live in interesting times.