In the right hands (e.g. Mulroney or Harper or Martin) launching preliminary talks with China and taking the years necessary to strike an equitable trade deal is something worth doing at this time.

Played skillfully, it could see the US intent on curbing Chinese currency manipulations and one sided trade deals resolve not to take Canada for granted and to speedily negotiate with us a return to the bilateral FTA that was a good deal for both Canada and the US.

Also played skillfully, it may motivate the Chinese to be more conciliatory in negotiations with us because they would love to cut deep into the trade action the US currently has with us.  .

But the huge caveats are "in the right hands" and "played skillfully".  

Trump and his cohorts will play hard ball.  The Chinese will play hardball on steroids.  The Boy Blunder will take a Bambi-like approach.

How could anything go wrong?.