Personally I think it’s not a ‘sudden’ paranoia, it’s an overdue one.
China has made it abundantly clear for a long time that it considers the US to be an ideological enemy, a military rival and a target for economic and geopolitical warfare.
Since ~2008 / Xi Jin Ping took over, its also been fairly clear that China has no intention of liberalizing in any sense, and the government is actively working to undermine the US/European model of a harmonious world.
However, US government policy pre-Trump basically assumed that China was going to liberalize and play by the (US/EU) rules.
I’m not a Trump fan by any means, but regarding China I think he is the first to drop the pretense that China is a friend of America, and now the China hawks in the media, government and military are all piling on.