The U.S.-China relationship is defined by escalating rivalry, particularly concerning undersea dominance and a race for economic advantage. This dynamic unfolds against a backdrop of global energy supply disruptions and economic uncertainty.

US President Donald Trump’s landmark visit to China comes as the Iran war disrupts global energy supplies, fuels economic uncertainty and adds fresh strain to Washington-Beijing ties. In the second part of a series examining how rivalry, interdependence and geopolitical crises are reshaping the relationship between the two powers, we look at their make-or-break contest unfolding beneath the ocean surface. Last year’s military blockbuster Operation Hadal was China’s first high-budget film to...