The first lay-offs are already generating strikes, riots and violent protests, which the Chinese regime routinely suppresses. With the level of resistance and repression rising, permanent normal trade relations tells potential investors that no matter how bad the repression becomes, access to U.S. markets will not be disrupted. This is literally a blank check to an undemocratic regime headed into a time of trouble. Consumers are people with money to spend. China has 1.2 billion citizens, but few consumers.
China runs a trade deficit with the rest of the world.
It depends on its surplus with the U.S. to provide the foreign reserves vital to its economic plan. Permanent normal trade relations with China will encourage manufacturers to make products there to sell here. We will lose more manufacturing jobs that pay goods salaries and benefits. A few investment houses and law firms will benefit, presumably. The agreement will contribute to the growing divide between rich and poor, executive and worker in this country.