Bearing in mind that I'm squarely in opinion territory on this, I've been frustrated by what has looked like a lack of urgency about Chinese espionage and "soft power" expansion. I should also concede that I think the "trade war" up until this point has been paying off.
With that said, I think the Trump administration was caught flat-footed by the scope and speed of China's "Belt and Road" projects. Particularly in Africa and South America, U.S. intelligence services have noted their surprise to find Chinese economic and political footholds being unexpectedly established. I wish I still had the direct source for that, but I'm an idiot and didn't expect it to come up in conversation. My overall impression is that China moved further and faster than U.S. intelligence expected, and it's taking time to mount a response. Maybe I worry too much, but I find it unsettling that U.S. interests were so relaxed as to be taken by surprise at Chinese efforts that aren't exactly famed for subtlety.
At the moment, I'm looking to Australia as a major indicator of how this back-and-forth will go in the coming years. Chinese interests have been encroaching at a rapid pace there, and China now has substantial positions in the Australian housing and commerce sectors -
enough to make things difficult for the Taiwanese already, and that leverage is being used. Just how much those positions advance (or don't) in the near future will say a lot about the overall U.S. strategy there.
The Russia side of things is, at least to my very simple brain, mostly connected to relations with the EU. Trump's election almost certainly alienated a large portion of the EU political establishment right off the bat, and I didn't see him doing a lot to fix that. The EU has reasons to worry about both China and Russia, but I think the U.S. under Trump has moved too slowly to warn them about the dangers of Chinese espionage, and too timidly to successfully position itself as the indispensable good guy in opposition to Russian attempts to weaken the EU's position. Russia is all too happy to eat up territory and increase its influence on the EU's eastern side, and it's not above using information campaigns to support anti-EU political movements. I'd love to see more EU member nations take their sovereignty back, but I'd rather it didn't happen on Russia's terms.