Watch out, everyone, we have a genius economist on YA.
We can't just "stop" buying things from China. First, China's labor is much cheaper. If we suddenly start using labor in the US instead, prices of lots of products would skyrocket, and the cost of living would increase correspondingly, thus making the lowered unemployment rate moot (more working people will be too poor to afford living anyway).
Moreover, cutting off foreign ties would be a foreign relations nightmare. Remember pearl harbor? No, of course not. It was caused (but certainly not justified) because we stopped trading with Japan.
Your assertion that the wealthiest 1% own 99% of the wealth is dead wrong.