Beyond complicating trade negotiations between the United States and China, the arrest of Huawei CFO Meng Wanzhou has renewed concerns that the two countries are embarking on a new Cold War, based on economic preeminence and technological innovation but also extending into the military and ideological domains. What are the similarities and differences between U.S.-China competition and U.S.-Soviet competition? Over what exactly are the two countries competing? And what would it mean for the United States or China to “win” today’s Cold War, assuming that one is indeed occurring?