Means of production of cheap goods.... to sell to us?
Yeah, try winning a war with dog food made of carboard and leftover used up machine lubricant.
As the locale of one of the world's earliest civilizations, China has long stripped itself of much of its own resources. Despite massive earthworks projects under Mao & onwards, it still can't even feed its whole population. Can't sustain a war effort short on raw goods and food, regardless how many cheap slippers they sell to us in a year - which they wouldn't be after they impose those sanctions and wage war on us. No cash flow means no cash flow.
Good grief, try applying a little logic?