I think that what you said is very interesting, but you are disregarding the fact that we are in very uncharted territory right now with many countries, not just the US, having leaders in charge that do not give a damn about their people.
and if they don't give a damn about their people, why would they care about engaging in sanctions that will cripple China, which is a country that just about every country on the earth does business with?
We have Trump over here, they got Boris Johnson in the UK, Bolsonaro in Brazil, Putin in Russia, Bin Salman in Arabia and so on and so on.
This is almost like the modern day axis (not talking about GW Bush's "axis of evil", I'm talking about the Axis Powers led by Nazi Germany).
They don't care enough to sanction China. As long as they and their family don't catch the virus and die, they're good. The people are dying? "Well let them eat cake."