There is a very real cost for US actually. They're the number 2 economy and in recession, while China is number 1 and growing. The gap is widening and shows no signs of reversing.Washington sends arms sales official to US-Taiwan military event
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The reason Chinese government allows US to start certain sanctions without severely punishing Washington is because it only increases the competitivness for private sector. The state sector have all their own sources, mostly not viable for commercial use but provides the CPC with what they need.
One would do well not to forget, China is still the world's largest electronics producer, including semiconductors, with only SK coming close in that regard. If China banned most exports to US, not just the US electronics industry will be gone overnight.
Only thing impressive about US is their big military... sure its bigger than the PLA, but big starting numbers only help so much against a larger industry and population base.