That goes for both sides. The US also hasn't exercised its "nuclear" option with respect to economic warfare - not even on Huawei. It hasn't cut the company from the dollar transaction system, for example, and it hasn't applied similar sanctions to other leading Chinese companies like DJI, BYD, and Xiaomi, which Trump could certainly put on the table if he wanted to ignite Trade War 2.0.
It feels like much of what we're talking about now are just the light, probing attacks before the actual battle. Neither side has shown all their cards, and it would be foolish to assume the US is out of options just because it hasn't pressured harder.
The reality is that Trump is smart enough to understand that leverage comes from the threat of action, more so than the action itself. Biden did not understand this, which is why his "shock and awe" failed vis-a-vis Russia and actually strengthened Putin's hand. My guess is that Trump will make a similar move to try and squeeze a favorable deal out of China - he'll create a situation in which the bark is far worse than the bite, and hope Chinese negotiators will lose their nerve. Except this time, he'll also make the carrot sweeter to account for the US's relatively weaker position compared to 2018.
