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The answer is Yes. Why should the US continue China's privileged trade status?
It is about the trade between countries, and the privileges are mutually given between most favored nations(MFN).

On the one hand, if the US announced the suspension or cancellation of China's MFN status, it would have significant impacts on China:

1. Sino-U.S. trade agreement is on the basis of MFN status, and the abolition of this will make this agreement null and void, which will cause the Sino-U.S. economic and trade relations to lose the foundation for stability.

2. Chinese products in the American market competitiveness will be weakened. Also, the cancellation of MFN status will also affect Hong Kong and Macao's economic stability.
3. Suspension of China's MFN status, China would not participate in the US government, through credit or credit guarantees or investment guarantee scheme, which is bound to affect American investment in China.
It should be said that the influence is all aspects except the above mentioned.

On the other hand, the abolition of China's MFN status, it will affect the US economic interests in China, because the Chinese government will take immediate action to remove the US MFN status and would not implement the U.S.-China trade relations agreement obligations. In this way, the tariff would be at "ordinary" rate, not at "minimum" rate, which would have the full impact on export to China, joint ventures and wholly-owned enterprises of the US in China, technology licensing, transportation, services, etc.
Specifically :
1. The American company's operating costs will increase. For example, tax rate of engine parts would rise from 12% to 17%; tax rate of aircraft engine parts would rise from 6% to 11%. American investment, service(accountants, lawyers, banks, counseling etc.) in China will also be affected.
2. The US products in the Chinese market will lose its competitive edge. For example, barley rate would rise from 3% to 7% and fertilizers would increased up to 11%. Rate on some chemicals would go up to 30%. Thus, the products from Japan, Taiwan and South Korea will be in a disadvantageous position.
3. The US business will be impacted by the possible the economic crisis in China caused by the trade conflicts.
4. If MFN status were revoked, and China would have a discriminatory legal basis. This will lead many US companies to a very unfavorable position. In addition, the projects under construction will also be jeopardized, particularly

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