Today, The Transatlantic Partnership is facing two pivotal challenges. One external and one internal. The external challenge concerns the rise of two great revisionist powers, Russia and China, as well as Islamic radicalism. The internal challenge is the declining will of the US to defend the international order it created and the fracturation of the core of this order. These global shifts require of the Atlantic Partnership to reexamine its common interests and values, as well as its capabilities and strategic objectives. Both sides of the Atlantic are in the process of redefining their role in the emerging world order. This monograph suggests that there is need for a new bargain of a more equal Transatlantic Partnership. Stronger trade relationships through revitalized negotiations for TTIP, and a more even defense relationship with Europe, addressing the disparity in military capabilities with the US, and the question of burden sharing. The two sides of the Atlantic need to draft a renewed Transatlantic Agenda, providing a coherent and comprehensivestrategy for the Transatlantic Partnership in the 21st century. Political consultation needs to be intensified at all levels, along with the institutional nexus of the Atlantic Partnership. A strong Transatlantic Partnership is the only way to avert the pendulum from shifting away from the West and its ideals.