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It's not another cold war.

https://www.google.com/amp/s/theconversation.com/amp/us-china-relations-are-certainly-at-a-low-point-but-this-is-not-the-next-cold-war-117509

This article does a good job explaining it, but to sum it up this isn't nearly the same as the cold war where both US and Russia were threatening to take each other down for a global order. Hell there really isn't a winning scenario between sides when it comes to China and US. Its really just a lot of posturing to make conditions favorable for the other, it isn't nearly the fight for global dominance that US and USSR was. And despite rising tensions the two are incredibly reliant on one another as this pandemic has exploited and it would take years to decouple.