Honor also plays a part. The US has broken several treaties, claiming they're no longer valid because the current administration doesn't like the people who negotiated those treaties. That makes the US undependable, unreliable. Why negotiate a trade treaty with the US in good faith when the US will ignore that treaty whenever they see fit? That's dishonorable and there's no point in negotiating with dishonorable people.

To your point, that dishonor throws away all of the US soft power.

Honestly, at this point I trust Xi to follow through on his promises more than I do Trump - and that's sad.