This tactic is missing the problem entirely.
The US government has been on an horrendous spending binge, particularly when it comes to funding illegal and immoral wars without end.
These have been publicly funded wars, ultimately, for private profit. In Iraq, it was supposed to have been the oil; we can already see how magnificently that worked out for American oil companies (as in, not one US company won the rights to develop oil in Iraq in "pseudo-post war" Iraq.)
In Afghanistan, it was about installing pipelines with which to control Eurasian oil (not to mention, of course, the huge resurgence in the drug trade which appears to continue unabated).
Americans are unemployed in huge numbers, one in 7 lives in poverty, taxes are going up exponentially, and Americans don't have the money to pay them due to rampant inflation. Companies are still incentivized to move their operations off-shore, rather than keep the good-paying jobs here, which used to be the bedrock of American prosperity.
All of these are not China's problems: they are problems the US government has created for itself and its citizens by really, catastrophically bad policy decisions.
Sanctioning China will do nothing to fix this: the citizens of the US have to get angry enough to say with one voice to the government of this country, "Enough!! We have had enough of this insanity, thank you very much, and will tolerate no more nonsense."