There are winners and losers in free trade just like there are winners and losers in capitalism. Just because nations like China have been winners on manufacturing, does not mean that they will be the winners in everything else. Moreover, we benefit greatly from free trade. A couple of months ago I found a 1975 Montgomery Wards catalog at my Mom's shop. Back then, virtually all TVs were made in America. The cheapest 19 inch television in that 1975 catalog was $475 dollars. That would be like paying three grand or more for a small TV today. Since that time, our standard of living has improved and we get the benefit of buying goods much cheaper. The people that were making TVs in American back then are working in other American industries today (and enjoying higher median incomes). Its not a bad trade off.
The fact that we are buying too many things like big plasma TVs is a problem with our over consumption and personal savings rate, not free trade or regulation.