Move a small number of strategic industries back? We already do that by just requiring them to produce locally. Seems much cheaper and more effective that a subsidy.
Pressure China to respect interlectual property? I don't think that will have much impact if the IP in question is worth more that 25bn.
Pressure China on other issues (Corona, Minorities, Democracy, HK)? You'll need your allies in the EU, Nafta, the middle East etc to all agree to do the same. Has anyone asked them?
The big issue with China is people have ignored them for decades hoping they'll get better if they're left to it. They haven't. So now you need a joined up policy to actually do something. 25bn USD in "look, we semi sorts tried something for a week and it didn't work" isn't gonna cut it.