The United States and China remain the two dominant powers in Asia, but the gap between them is narrowing. The war with Iran has stretched American military power and weakened US diplomatic standing, while Beijing pushes ahead with its military modernisation and technological advancements, including the race to dominate artificial intelligence. Elsewhere in the region, India is gaining influence, Southeast Asia is absorbing shocks from turmoil in the Middle East and US tariffs, America’s treaty allies are deepening their defence ties with one another, and China, Russia and North Korea are drawing closer.

Join us to hear from leading experts on how US–China competition is reshaping the region, how middle powers and Southeast Asian states are responding, and what it all means for Australia. The discussion will draw on the Lowy Institute’s newly released 2026 Asia Power Index, which shows the US lead over China at its lowest level since 2020.

The conversation will be moderated by the Lowy Institute’s Dr Clare Caldwell and will include questions from the audience.