This is gonna be the greatest fight of the century, and will last well after we are dead and likely stretch into the 22nd century. Any potential improvements under Biden (which I doubt) would be quickly undone by the next administration and the general power clash between peer western and non-western nations.
A cold war is not all that bad though, it forces all countries involved to devote ever more resources into R&D and industrial developments. Our lives would not be as comfortable nor would we have an understanding of the world and science that we do had it not been for the advances made in WWII and the subsequent cold war.
For one, we will likely see an acceleration to towards the roboticization of all aspects of Chinese life and society by 2030.
No, it won't last that long.
The strain of exceptionalism has a way of puffing up the mediocre and crashing down on the unfortunate.
For a great majority of Americans raised on exceptionalism and enjoying the bounty of our exorbitant privilege (the US Dollar), the realization that we are not that exceptional and that they can neither afford their current purchasing power and compete perpetually with the Asian will be debilitating.
Here is how I think the timeline would unfold:
2023 -2028: China unload a shitload of tech they have been working on since 2017, and funded by the outbound capital during this pandemic. Thing like 14-7nm SC, Augmented Reality, Level 4 automated EV enabled by off board 5G networks, 5G NSA, C929.
2025: China reaches nominal GDP parity with US, continues to push their tech due to their unique economy of scale. So they will attract equally if not better talent with higher pay, while dishing out goods at better quality/performance with lower prices.
2025 - 2030: US undergoes a revenue crisis as T-bill attracts less and less foreign buyers. this will force the government into either accepting higher inflation as it pumps more dollars into the system or adopt austerity measures.
-------Aftermath -----------------------
2030 - 2035: US Military will shrink from its current footprint as remaining discretionary budget is steered toward social programs to maintain the voter base. There will be social unrest as USD has less and less purchasing power. US will attract less and less foreign talents, with the exception of Indians.
By the way the politics are looking, there will be no unified national effort to step up to the plate. The religious fundamentalist will claim that all of this is a result of god's wrath due to our transgender policies and such.
There will also be more discrimination towards Asian. The loss of what some sees as their birthright prosperity and the loss of their loved ones during the pandemic might trigger random acts of violence towards isolated Asians.
The reduced safety net, decrease in military projection and capability and anger towards foreigners will induce a reduction in talent and ultimately innovation.
What will remain is flourishing entertainment industry, NFL/WWE Sports, music empowered by the friction between cultures.
UK (or should I say Wales, in case N.Ireland and Scotland departs for EU) of today is the US of tomorrow. Save for the elite few who works in "The City" and London, most Brits are worse off than they were in the 1950-60s.
The difference is that the Brit were never as religious as Americans, and far more compliant towards their classed elites. This is the unpredictable sprinkle in the national psyche, which could only make the transition more difficult to render.
US has been a melting pot and a beacon mostly because of its prosperity, enabled by its oceans of security and natural abundance. This prosperity has been the bedrock of our country since its founding. Tensions and frictions where brushed over by expansions and industrialization. US has been the leading economy since 1890!
For the Chinese to be on top for at least the remainder of 21st century will be an unprecedented shock this country has never endured. It would take a leader on the scale of Deng (with a 15-20 year term) to restructure the nation and pull it forward, with some drastic changes to the constitution.
For example, this whole states rights mess has been hugely handicap and a source o inefficiency. To successfully compete with China of the future, we might need to radically coalesce resources to muster the convergence to challenge the Chinese.
In a austere environment, will we have the fortitude to sacrifice our own and local resources for the national good? Do we trust the political and elites enough to enable a constitutional restructuring, to adopt a more efficient and technological evolve union?
Likely NO.