The U.S. military can no longer clearly deter China, and risk of a third world war is rising. This report proposes a new defense strategy to change that. Under this strategy, America’s military would prioritize defending the U.S. homeland and denying China’s imperial ambitions, most urgently by deterring Beijing from invading Taiwan. At the same time, Washington would empower allies and partners to lead efforts to defend against Russia, Iran, and North Korea with critical but more limited U.S. support. In this way, the United States can set conditions for lasting stability around the world on terms that ensure the security, prosperity, and freedom of Americans not just for the remainder of this decade, but for decades to come.