Sanctions rarely have the desired effect. After the fall of the US supported government in Cuba, the six decades of sanctions haven't resulted in regime change. Instead they have only strengthened the hardliners. The same happened with the four decades of sanctions in Iran that followed the overthrow of the US supported Shah.
Looking at the Soviet Union, it was broken up not by sanctions but by economic competition while the Russian sanctions against Putin seem to have little effect.
The US needs to take a hard look at what the effect of sanctions in China are and reassess its actions. If the sanctions had helped Taiwan (or Ukraine), or if they had helped ethnic minorities, that would be one thing. But they haven't.
Unfortunately the Red Scare mentality is still alive and well in both parties and a reassessment is unlikely.