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With the arrival of Donald Trump to the presidency of the United States, that country began an economic and trade war with China which, in addition to the trade implications of this war, calls into question the relevance of the existence of current multilateralism. The trade policies of openness that have flourished since the 1980s seem to have come to an end. This fact forces us to rethink the U.S. and world economic agenda in an environment of uncertainty and in the face of a rival such as China, whose strength and influence is growing. Questions arise as to whether the winner will be rewarded with global economic hegemony? Or, on the other hand, will it be a situation in which two powers coexist with a shared hegemony? At this time it is not possible to anticipate who will be the winner, so the aim of this paper is to try to find trends and developments between the two countries to try to give a possible answer. [ABSTRACT FROM AUTHOR]