It was the perfect missed opportunity
https://www.cnbc.com/2020/08/06/heres-how-much-you-could-get...
That seems to fit just as well with his playbook, he just went for the wrong pill.
The thing about doing something is you can always claim what you did was necessary. It's asymmetric. Do nothing, and if the problem doesn't go away you're an idiot. Do something, and if the same thing happens you can claim it would have been worse if you hadn't. There's always some example somewhere you can abuse to say whatever you want.
Whether someone did badly depends on expectations about how it would have gone if they had done otherwise. Like in sports, you judged less harshly if you lose to the favourite. If you let the "otherwise" happen, people complain that you let it happen.
"Something must be done. This is something. Therefore it must be done."
Note I'm saying nothing at all about what ought to be done about the virus, just how to handle the PR.
The economy, or by Trump's barometer, the stock market, would have been fine. The Fed juiced the economy and then some, SPY is currently trading at pre-COVID all time highs.
Secondly, it's much harder to pin the blame on ~230,000 Americans dead to negligence if Trump actually took some action. Even if COVID came back in full force, you could then say that we have successfully flattened the curve and are now much better at treating the virus.
Even during the peak, his team was still trying to play political games (by denying "blue states" federal resources to show it was democratic mismanagement). I think, if he truly made a strong showing (or was at least consistent in his message) he would have blown out Biden.