US and China are pretty much in a long-term lock, stock and barrel sort of an economic war - where all tech and economic assets of China will come under pressure. This was pretty much in the coming for almost 2 years now and only now taking a real shape in form of punitive measured by the US establishment. And in all honesty, this issue far exceeds the confines of the Trump administration and has support on both sides of the aisle. So, this policy will not go away even if Biden is elected president.
What needs to be seen here on is, if China can 1. Become a powerful enough technical force within its own borders, where it does not need outside help any more. 2. Help the countries within its sphere of influence to get just as rich and achieve material success to the point, where they opt for Chinese technology and resulting Chinese political influence, willingly. This last point is where the US has won the game so far, it did not only make money for itself. It has helped its allies get better, richer and more powerful as well.
The future of the world, in tech and economy will be led by US and China, furthering their own political influences alongside. What needs to be seen is which sphere yields more power in terms of overall economic, social and political influence. If the Chinese sphere of influence, starts to become better vs the West - across the board, for its citizenry in terms of economic, social and overall quality of life - then it'll break the Western sphere of influence. Otherwise, it's a losing war for the Chinese.