I don't see the US unjustly using this issue against China, they did engage in industrial espionage in the past.
IP seems necessary, but for example I don't think Mickey Mouse should be IP forever.
Not only that Disney was quite hypocritical in making money out of "open source" materials, aka folktales. I bet anyone can get sued for making money out anything with the Disney princesses on them.
It is very difficult to answer this sensitive question. If we give no importance to IP rights, then it will discourage brilliant people and there will be less and less innovation. But if it gets too strict, then a lot of poor people will be unable to afford medicines, technology, and entertainment.
Not to mention this might discourage progress since you just need to come up with one good product and live of that the rest of your life. It also puts a damper on others who might want to improve on existing proprietary processes.