This paper assesses the future of international governance and norms in the contest for global leadership. It evaluates the impact of China’s rise and the prospects and limits of transatlantic cooperation given the internal and external challenges besetting the United States and Europe. Part I describes the international liberal order under U.S. hegemony following its victory in the Cold War. Part II examines the internal and external challenges confronting it. Part III posits what China’s rise and U.S. retrenchment bode for the international order. Part IV assesses the prospects and limits of initiatives by the Biden administration and its European allies, which overcame many divisions to coordinate responses to Russia’s invasion of Ukraine.