It has the tacit consent of Congress, so it's mostly only illegal in the way it's carried out. Congress could make most of it legal right now, but they don't want to put their names on it. Some of it would probably be unconstitutional for Congress to authorize (ironically via the nondelegation clause which is now being repurposed to justify a thoroughly unconstituational unitary executive arrangement), but much of it would not be, so it's de jure illegal but de facto legal.
If you were to keep using a chinese model after said ban, you would need to be charged with a crime and be found guilty in a court of law for this to be true.
What it would do is have an instant chilling effect across Corporate America, which is the goal.
You just described multiple different ways of being "illegal".