<p>The US-China rivalry is often seen as a threat to global stability. However, we argue that, for now, the US and China are both contributing to global stability and prosperity by providing global public goods that incentivize states to keep barriers to trade and investment low and that encourage firms to conduct business in foreign markets. In doing so, they are acting as dual hegemons. While this concept has been introduced in earlier work, we go farther here by developing dual hegemony as a theory and explaining its operation in practice. In doing so, we examine the power and leadership of each country in the provision of key global public goods. Our analysis suggests that China is focusing on public goods related to trade, while the US is focusing on public goods related to international security.</p>