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Nominally, the policy of the United States towards the People's Republic of China (PRC) and Taiwan is governed by the 'One China' Policy (OCP). However, the conditions under which OCP was originally formulated have long since given way to substantial growth in the economic and military power of the PRC and the democratisation of Taiwan. These changes raise several questions regarding the viability and applicability of OCP. Drawing on securitisation theory, this article examines discourses across three US presidential administrations to assess the trajectory of socio-political constructions of the PRC, Taiwan, and OCP. Three case studies suggest substantial challenges for OCP as a basis for maintaining desecuritised relations between the United States and the PRC. While discourses of 'engagement' prominent in the 1990s have lost ground, with presidential administrations increasingly but inconsistently drawing on OCP, in Congress OCP plays no role, while Taiwan is increasingly constructed as akin to the American self, serving as an identity proxy that highlights the otherness of the PRC. Polling supports the idea that OCP is not rooted in general American understandings of the region and consequently cannot serve to ground policy in a crisis. [ABSTRACT FROM AUTHOR]