@SampanViking excellent analyst, again Sir if I may the bluff maybe a sign that the US want to maintain the Status Quo? as Biden insist if Taiwan is attack and still recognized the One China policy (maybe the messaging needed to be rephrase), My reasoning is still based on economics,
embargo is enforceable if you had an import substitute available, right now with shortages of all goods affecting the US, its economy had been shackled (Sir I used this term to highlight the importance China played in the US economy). I'm speculating of course but the recent action being done by CCP like the reforms, regulating the Tech industry and lately the power sector, they're preparing for an eventual conflict.
And here Sir the first act instead of the US, China is the one that will implement the embargo cause most of those affected companies are mostly American owned and its allies (most of the Chinese company are already sanction and embargo, so nothing to lose), with Dual circulation strategy the danger maybe huge but manageable while those of the US and its allies will be catastrophic. China is decoupling while the West isn't , to make a strategy work one must follow where the money flows and in the era of INSTANT GRATIFICATION, the West will fold in a week if they can't able to get their latest IPHONE.