This chapter introduces the rationale, objectives and scope of the volume. It opens by pointing out the relevance and urgency of this book in that it explains how the growing US-China competition is starting to present Europe with profound challenges for which the old continent seems to be largely ill prepared. In light of this situation, a number of overarching questions are raised, such as what Europe could and should do when faced with a likely US-China confrontation, thereby highlighting the explicit policy perspective of this volume. The chapter then continues by taking a step back and providing some necessary background information through outlining major recent trends in each of the three bilateral relationships involved. Consequently, it details how US-China relations are increasingly driven by a complex strategic rivalry. In addition, it also shows how Europe’s bilateral relations with both Washington and Beijing have grown more and more strained in recent years, apparently leaving Europe without a natural partner. From these three bilateral accounts, the chapter subsequently distils five key dilemmas for European foreign and security affairs, comprising the areas of global and regional governance, strategic autonomy, military capacities and the promotion of European values abroad. These dilemmas are meant to serve as guiding questions for all contributions to this volume and will be taken up again in the concluding chapter. Finally, the chapter outlines the structure of the book.