It would be a proxy war, not direct US troop involvement. But China says any response from Taiwan will be taken as a direct response from the US. So, that could go south in a hurry.

I think Ukraine showed China exactly what the world response would be to such an invasion - i.e. shunning, so I doubt this would happen except as a way to goad the US into a war. And China certainly isn't ready for that yet.

From the US POV, we are only posturing economically so China can't jump ahead of us technologically. I think we are growing concerned their AI vision systems might soon allow suicide drones that can target US politicians. But that's coming anyway. In general, we have finally decided it doesn't make a lot of sense to hand them technology that they then turn around and put into military hardware that will be used against us.