He sends us everything...We send him IOUs...That’s a massive benefit for us.

The caveat I'd include is definition of terms is needed. "Us/we" is the government and multinationals, not the people.

We Government/multinationals send China our jobs, to take advantage of their slave state, and in turn gets more affordable but inferior products, which are then sold at massively above cost because of our disproportionately richer economy.

The American people are not benefiting.