Cold War II/Is Cold War II Happening?

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Multiple sources keep asserting that the new Cold War (or "Second Cold War" or "Cold War II") is happening. Is it really happening? No higher official, i.e. not one president or prime minister, has yet officiated the new "Cold War" at the moment.

Every time an event happens, "Cold War" has been mentioned, whether it's the original Cold War or not. In most cases, the events involve Russia, and the term "Cold War" in any form has been used to assert connections to related events involving Russia. In some cases, the term has been used to assert connections to events involving China. However, neither country has officially declared another "Cold War".

Some academics, journalists, and low-level politicians continually mention "new Cold War" or "another Cold War" or something like that. Some others say that those terms are too simplistic, misleading, dangerous, and sensational to reflect actual politics. No one has unanimously agreed whether it is happening. Are they facts? Opinions? What else?

Ask yourself whether the Cold War II is happening, why or why not, and why sources mention "Cold War" in any form. Thoroughly evaluating a source is strongly encouraged before jumping into conclusions.