Bilateral relations between China and the United States have become strategic in nature with implications to the rest of the world. Both have been engaging and competing on a number of issues in the recent times. While both seek security and stability so as to pursue their respective national interests, they differ on the way they pursue these. While engagement has been the dominant theme in the previous administrations, since late Trump, bilateral relations exhibited tensions on a number of issues including what China considered to be its “core interests”. China’s agenda of “keeping a low profile” has been changed to “accomplish something” and it intends to “occupy the centre stage” in the long-term. The election of Joseph Biden as the President of the US coincided with the ongoing reassessments on the bilateral relations as well as coming to the fore of tensions on a number of fronts with China. The spread of COVID-19 pandemic, decline in global growth rates, disruptions in supply chains, and the growing uncertainty have only further exacerbated the US - China relations. Below is a review of the bilateral relations in the recent times by eliciting cooperative and competitive trends between China and the US. It is argued that the US - China relations are undergoing major shifts due to the tensions even as both are for ushering in strategic stability. China’s perceptions at the leadership level, media and academic levels are outlined in brief to suggest that relations with the US are exhibiting tensions on a number of issues that pose challenges and opportunities for other countries.