We do not live in a world of textbook free trade. We live in a world where our trading partner China has chosen mercantilism and is using the full powers of its government to advance its industries in ways that destroy ours.
The social contract requires that the government provide the environment necessary for its citizens to achieve reasonable levels of Life, Liberty and Happiness. Right now, the American government is in breach of contract.
I like that President Obama accords his Asian peers with respect, bowing if tradition calls for it, even though it raises the hackles of some wingnuts. But bowing to the wishes of China is another matter altogether.