We're in it. But it doesnt include bullets or any kind of military weapontry. IEDs, explosives or acts of terrorism
And at the moment.
We are loosing.
Given that if either side launched ballistic missiles the other side would have to conclude they were nuclear and react accordingly. This would preclude any long range attacks. The US Navy would control the sea so an invasion of US soil would not happen. On the other hand the US politically would not be able to withstand the casualties that would result from an invasion of China. On land the Chinese would have the advantage in numbers but the disadvantage in technology. So any armed conflict would take the place of a third party such as North Korea or Iran.
Now if you accept that premise, consider that 40% of our national budget goes for servicing our debt, it won't take a genius to figure out that our economy is our strength and our weakness. We have the potential to manufacture vast material for war. In a nuclear war the ability to manufacture is of little value. It comes down to what you have in the two hour launch window. After that its simply survivors.
A peace time economic assault done over a number of years would be effective. We have a Congress that has over 600 members. There is no strategic national trade plan. Every member of Congress can negotiate a trade bill. Most of the debate over trade bills is just partisan bickering.
So if your China and you want the US on the ropes just negotiate win/loss trade bills. Set up a few PAC's and get your lobbyists to work. Congress will gladly follow the money.
Use North Korea or any belligerent state to get the US military spread out protecting assets, burning up material, personnel. Exploit the liberal trade US trade rules until the trade deficit becomes unmanageable. With a lack of hard currency the US has to cut spending on domestic programs and its military. A devalued dollar and servicing the national debt is problematic. Cutbacks in domestic and military spending and the US Navy, which China has no counter punch for is neutralized.