We absolutely have a cold war, except, rather than a continuously increasing stockpile of nuclear weapons, we have a continuously increasing stockpile of zero-day exploits.
Another hallmark of the cold war is escalation and regional hegemony, and consider that draconian spying legislation is disseminating from the USA to her vassal states -- Canada, UK, Australia, NZ. Similar technology and legislation is being deployed in other major world players under the guise of fighting "terrorism," but it stands to reason that it's in response to Chinese espionage/reconnaissance.
The USA has a very serious rivalry with China, and vice versa. We can expect to see the USA trying to further compete with China by trying to level the playing field across a variety of fields. The TPP and the F35 Joint Task Force are shining examples of attempts to curry favour with fellow nation states.
My wife is Chinese and I do a lot of work related to US and China relations. Basically from what I know, China wants to be the best, jealously is very, very strong within the Chinese, if you are not number 1 then you are last. The CCP will do all it can to be number 1. For 50 years they have systematically provided the US with opportunities, enhanced our economy (on the surface), and done so much more. However, as the US is now seeing, it was all done for China and not for the US. Now the US has placed its self in China hands. We have become so dependent on China that the US has backed its self into a corner and has no clue how to get out. So China now is cracking its iron knuckles seeing how far it take advantage of the situation.
If the US speaks out, China pulls the plug on our Economy. If the US spies on them via technology, China uses its mass 25,000 military hackers to wreak havoc in cyber-security. With the debt we owe China, they keep waving it in our face, the US is helpless.
On the plus side, the Chinese people also are loosing faith in the party and have moved their money over seas, soon China's economy bubble will burst and the most of the US will be saved. New jobs will open, our debt to China will end, and all will be well. For those who make all their business importing from China, they will be the ones you will see on the streets if they don't stop and see the signs.