Basically if a mix of stuff like:

• Strict economic sanctions,

• Public statements of the intent to "beat" or fight against China made by US officials in an official manner,

• Efforts by both sides to try and make themselves look more successful, innovative etc. than the other

and so on, happen.

Will tensions rise until such a situation materializes, or will it all be derailed by any number of things that could happen in both countries?

This will resolve to no early if such a situation happening becomes impossible. (The US federal government is dissolved, China's gornment is toppled in a far right coop, the US becomes communist etc.)