In 2018, the Trump Administration published its first National Defense Strategy, sub-titled “Sharpening America’s Competitive Military Edge.” The strategy is based on the presumption the United States is entering into a new era of great power competition, which will be more strategically challenging than the immediate post-Cold War Era. This talk will explain the thinking behind the strategy; discuss seven national security challenges that must be addressed; and outline the changes to the defense program that are necessary to address them. The talk will end with a discussion about projected future defense budgets, and the choices they are likely to pose to future defense leaders.