The issue is the likes of Pompeo / Ross / Navarro / Cotton/ Bannon etc don't see it that way. They see this as the last chance for US to regain the upper hand, restore its glory, and to protect/maintain its hegemony whilst preventing China from ever rising to the point of inflection...
It is a grand bet... that they still have enough legacy and vestigial soft-power and hard-power, sanctions sway and military mights, etc to pull this off and contain China by erasure/sanctions and getting enough "partners of choice" and "coalitions of the willing" to subsidize America's War on China in order to ensure US full spectrum dominance in the rest of the 21st century... I don't think its gonna work, but its called a grand bet for a reason and the US has gone all in and have staked their position.
Trump is merely an accelerant... whether such a sped-up catalysts is ultimately net good for net bad for the USA depends on the final outcome of this new "cold war"...
But China's rise only cause a sense of relative decline, it does not address the real issue : US' own real decline. And whether is it reversible or not, is a separate story from China totally. Hammering China with the means that they using now is certainly NOT helping the US to maintain her hegemonial position.
And to your second paragraph ; all presidents from Kennedy, to Reagan then Jn. Bush always offers some concessions in exchange to their willing to shore up US position. But the current Trump administrations not only do they not offer the carrot, but also demanding allies to pay US upkeeps(n forms of base payment like Korea,Japan or one-sided trade deal with Britain/EU/China.), while also keeping in line with US foreign policies against their own interest.
If you listen closely to Pom's speech at Nixon's Library, it is quite sad that he dare not say upfront the very gist of his entire speech : US want to contain China.