The US can compete with China without starting a new Cold War
Hawks are pretty clear about what they want: to force supply chains out of China, reduce financial integration, keep China from dominating key technologies, and prevent China from undermining US power in Asia.
The trade deal tackled restrictions on US crops, allowed market access for exports, and more. It's not a fix-all, but it shows that China responds to pressure.
China has become more assertive/authoritarian under Xi, while the coronavirus has exacerbated suspicions Americans hold toward Beijing. Cooperation is possible, but politics in both countries make it increasingly difficult.
Cooperation HAS served US interests—to an extent. But many core issues between the US and China (on trade, technology, human rights, etc.) come from fundamentally different economic models and can't just be cooperated away.
—With research by Kelsey Broderick and Jeffrey Wright