It took months since Trump was back to remodling the White House for Trump to call China. That call happened right after China hit the off button on rare earth metals. The ones we need to keep modern society as we know it functional.

Something to keep in mind when Trump starts talking about unlimited weapon stockpiles which need China in order to be made.

China is mostly focused on economic growth, which they don't need to go to cold war over. Their political ambitions are mostly focused on the nearby regions.

For the US leaders, however, it's a matter of global political dominance, which they are losing.

To be more precise, both China and the US pursue economic dominance, but they do so through different means. China makes high-risk, high-reward investments, and the US militarily forces the countries under their influence. So, it's only a "war" for the US, while China is totally fine with multipolar world.

It was somewhat different with USSR, where it was indeed political on both ends.

I think you meant they passed the bacon to China.