This too will pass, and it might well pass in a matter of weeks, albeit the economic consequences of this will last for a while. After which, it will be the time for some tough decision.
The Coronavirus crisis showed the world that China produces 90% of the world medicine, and almost all of the antibiotics. They are an indispensable part of the production chain not only of products you can do without for a while (if we stopped importing socks from them, I am sure it would not develop to an international crisis) , but of products of strategic importance: microprocessors, engine components, and the like.
This, in a Communist Country where people eat rats and bats.
This needs to be addressed. Medical equipment, medicines, and all that needs to be used in a time of social and/or military emergency must be declared of strategic military importance and must be produced in the West, ideally in the Country of last use. China must not have the option to gravely damage – willingly or unwillingly, and in the first case at the price of grave sacrifices for themselves – the Wetern economies, morale and human lives.
I think something of the sort will happen in the next years, because channels like Fox News are likely going to make an issue of this in the years to come. It will require a reorganisation of the entire Western way of thinking in strategic terms. It will make a lot of things slightly more expensive, and possibly some things much more expensive; it will also create an awful lot of jobs.
The crisis will, also, open the eyes of many people to a fact that is now apparent: never has the welfare of so many people in the West been dependent on a Communist dictatorship. This has to stop fast, and it can be done very efficiently by simply allowing Governments to decide what goods they consider strategic, allowing the wonderful market forces to do the rest.
From 2025, say, no antibiotics can be bought from outside a limited number of countries, and this goes, staggered, for more limited quantities in 2021, 2022 etc. A huge market opens. The higher costs are not an issue anymore. Winners all around in the West. Losers only in China and the Third World, where people eat bats but want to produce the antibiotics our elderly need to survive the horrible diseases their bat-eating has likely created (there is apparently a correlation between the eating of horrible animals and the development of horrible diseases).
This needs to be discussed now, and implemented in the next years. The West cannot be dependent from a Communist Country for necessities. Free market is an illusion if you have oppression and a deadly ideology on the other side. They are not working with us. They are using us to accumulate power they can use against us.
Bring back all strategic production from China and from the Third World. Make them produce socks, if you really want. But keep what has medical and trategic/military interest at home. Your phone will cost more. But you will know that you are better protected, and no Chinese interests will use it to spy on you, either.