Since the U.S. election victory of Joe Biden, there has been a widespread expectation of renewed transatlantic cooperation between the U.S. and Europe. However, while it is likely that the Biden administration will reinvigorate some alliances, as opposed to Trump and his strategic pressure on both adversaries and allies, it is unlikely that the U.S. and Europe will grow as close together as is widely expected. The main issue is hegemonic shift. The rise of China is primarily a threat to the U.S., but while Europe is cautious and also feels threatened by China in several domains, it is much more open to the strategic opportunity of a rising China. An implication is that the U.S., aware of Europe’s position, will not allow Europe to freeload off U.S. security while refusing to follow American policy towards China. Overall, although we should expect policy proposals such as transatlantic strategies and agendas to emerge, they will be much more difficult to implement than is widely expected.