I don’t think so.
In 2024, US trade deficit with China is slightly lower than $300bn.
To compare, in 2011, US trade deficit with China is at the same level.
Back in 2011, US GDP is $15.6 trillion and that grows to $29 trillion in 2024.
We know the math – the trade deficit with China as % of US GDP is almost halved from 2011 to 2024.
Source: US-China trade deficits over the years.