Integrating China into the liberal trade order was expected to have a moderating effect on Beijing. Instead, under President Xi Jinping, China has asserted its military control over the South China Sea and cracked down on domestic dissent, all while continuing to use unfair trade practices to boost its economy. But President Donald Trump’s confrontational approach, including a costly trade war, is unlikely to prove effective. This report provides a comprehensive look at the military and economic aspects of U.S.-China rivalry in the Trump era.