Not in this lifetime. Unless you are talking about occupying China / storming their territory, that would not go well. But defeating China at sea and in the air and in other countries? They'd have no chance.
China has 5 times as many people as the US. Their technology is behind, but they are modernizing and having 5 times as many resources and no public backlash to wasting soldiers lives goes a far way.
As in: cost of a war with China vs. economic cost of China acquiring TSMC tech.
As long as a war is cheaper, the US is protecting Taiwan.
I'm no expert, but it usually comes down to something like this.