China used/uses all sorts things to undercut US. CCP practices mercantilism and subsidizes China's steel industry (important focus for Mao) with billions. Part of the reason for building those crumbling tofu-dreg ghost cities was to amp their steel production (horrible quality at that). US steel production was targeted as part of economic "disintegration warfare" Sun Tzu style.
Another trick is to buy US tech companies and strip-out the intellectual resources among other things. US corps seeking to do business in US have to reveal their methods. CCP buys/spys access to defense manufacturing and it rips off colleges and/or bribes professors/students. CCP pushed BlackRock to advance policies that glue-up US production. Mao used bribes, blackmail and hookers to subdue local authorities in China and the do those things in US (those CCP "chauffeurs" were more than that)
Steel association report claims China's state-run steel industry creates an unfair advantage.
www.industryweek.com
Barren steel foundry in WV - "free trade" + mercantilism + over-regulation = rust