2020 was a very strange year, and we hope that it is not a trend-setter. For U.S.-China relations it was a perfect storm. The relationship has moved from “congagement” (containment plus engagement) to rivalry, and it is not likely to move back. What kind of rivalry is it? A global cold war? The developed world challenged by the developing world? A phase in a more complex relationship? What are the limits to hostility? Is winning possible? We cannot come up with answers about the future, but we can calmly explore the questions, and be better prepared.