Growing distrust and strategic rivalry between the US and China have shifted their relationship from mutually beneficial cooperation to costly conflict. The papers in this PIIE Briefing explore ways the two countries can pursue a structured, negotiated approach to economic disengagement while still collaborating on shared goals to address climate change, public health, and demographic challenges. Failure to find ways to cooperate—even while competing—will continue to hurt both economies and the rest of the world and also slow progress on tackling urgent global problems.