[kipchak]

imo this sort of strategy is not decided at the POTUS level, or at least there's consensus. For example during Biden's term the trade war largely persisted or expanded.

Competing in terms of production is realistically not an option (Triffin Dilemma, strong currency means exports other than tech/finance are inherently noncompetitive). Competitive exports would require giving up the dollar as a unilateral reserve currency, and China for the reverse reasons, at least for now, does not seem to want the Yuan to be a reserve currency. My personal read is both sides wish for something like the current system to persist but on more favorable terms.

I agree China has been actively taking steps for this scenario, but that they're continuing to make strides seems to indicate it is still an issue. I think we're still in the thick of it before a victor is conclusively decided either way.