The irony is that each of the entities has plans for global dominance, which is incompatible with the plans and interests the other one has.
The sad part is that it turns out the US is willing to forgo its values if this gives them a leg up on China. Makes any future rhetoric on values and morals seem a bit empty. *
* It has been pointed out that perhaps "empty rhetoric" wasn't the best choice of words. Maybe "rhetoric that no longer has any basis in reality whatsoever" sums it up better.