It's still going on because no one is willing to start a war with China to make it stop.

China should be cut out of the global economy for this but that would cost too many people too much money so it won't happen.

These are two separate points, that's why I separated them in my first comment.

A war with China trashes the global economy and everyone suffers.

Yes, that is why no one is willing to start a war with China.

America's in debt to china.

This line needs to stop being used, China has bought US treasury bonds but so has everybody, they are a fixture of the global economy. China can't just demand the US pay them back at any time. The vast majority of US treasury bonds are held by Americans anyway.

China can't be cut out of the world economy

Yes it can, see North Korea for an example. It would be hard, expensive, take a long time and require global cooperation but it could be done.

At the very least the free world should not be doing business with China until the CCP is gone, but that isn't going to happen because it would cost too many people too much money.