We are already doing this with trade. The amount of leeway and free lunch China has gotten from the west is insane. I don’t blame China, I blame the west and the rest of the world for not preventing it. Asymmetrical policies are often exploited by capitalism and governments have been caught off guard.
I’m not an Anti-China lunatic. It’s just common sense.
This sounds like a couple of people I've met, who have a philosophy of "treating people the way they treat me". And what if the other person/side also "believes in reciprocity", what happens then? This seems to rely on other people being nice first, and then always treating them how they treated you, imitating their behaviour, like Tit-for-tat[0]—except Tit-for-tat begins by being nice. It's not easy to put my finger on what seems fishy about that strategy, but it doesn't at all seem the easy solution to being fair and just (or whatever word you most prefer here) its proponents seem to think it is.
[0] https://en.wikipedia.org/wiki/Tit_for_tat (See particularly "Problems" and the next section)