We are in a totally different era now in just a short 2-3 years. When Trump did the trade agreement, he wanted to have China keep their side of the bargain or face penalty. Fundamentally the goal was to maintain the bilateral economic relationship but fairly.
Fast forward to today, the Biden administration wants to part ways with China, instead of mending the broken relationship. This decoupling occurs in all fronts, and definitely with trade at its core. The US is already rebuilding its supply chain away from China. Once complete, the trade surplus/deficit with China will be a moot point.
This audit pact will only be a temporary break in the longstanding rivalries between the US and China.