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This paper analyzes the new triangle of relations between the United States, the European Union, and China through the concept of trilateralism from polarity theory. Following this model, we examine the three bilateral relationships of US-China, US–EU, and EU–China that make up this global triangle. Economic relations between the United States and China provide the operational framework for this triangle and should currently be viewed as a cooperative rivalry rather than a traditionally hostile one like that seen in the Cold War. The EU also plays a key role in the triangle due to its strategic autonomy and significance to the other two. We argue that relations in the global US–EU–China triangle can be characterized in terms of cooperation but do not exclude rivalry. These global trilateral relations are marked by flexibility and openness that encourage the development of relations with third countries.