The USA and China are both nuclear powers. There will perhaps be a second cold war, but there are severe differences between the relationship of USA and China, and the relationship between the USA and the Soviet Union.
The USA and the Soviet Union had very little economic ties. But the USA and China are inexorably linked economically. One cannot survive without the other. I don't see where that changes. But people who think China owns the US now are mistaking for one reason. If you stopped buying China's ****, then their economically would collapse tomorrow and there would probably be a violent revolution.