I think it is a multi-pronged approach to Chinese economic, political, and military containment - trade war, attack on Chinese tech, arms race, etc. It will apply various pressure points to China's economy, political structure, and world standing. This added pressure will force Xi's regime to take more extreme measures to retain control, thus adding more systemic pressure. US allies are also beginning to adopt these policies.
I believe the US will start countering Belt and Road initiatives with alternative economic packages to African and Asian nations. Also, I wouldn't be surprised if the US backed off of Russian aggression in exchange for anti-China support. I bet there's a white paper somewhere in Washington which lays out a similar strategy.