This article shows how China's rise has radically altered the politics of one of the most prominent and controversial issues in the global trading system: agriculture subsidies. Agriculture subsidies depress global prices and undermine the competitiveness and livelihoods of poor farmers, and therefore have been long seen as a symbol of the injustice of the trading system. The issue has traditionally been understood in North-South terms, with developed countries seen as the perpetrators of harm and developing countries as innocent victims. In this article, however, I challenge this prevailing conception of the agricultural subsidies issue, arguing that it is now out of date and no longer corresponds with the emerging reality. A momentous but underappreciated change has taken place, largely beneath the radar of IPE scholarship: China has emerged as the world's largest subsidizer, profoundly transforming the global politics of agricultural subsidies. From a North-South battle, WTO negotiations on agricultural subsidies are now primarily centered on a conflict between the US and China. While reducing subsidies remains a pressing concern for developing countries, efforts to negotiate new and strengthened disciplines at the WTO have been thwarted by an impasse between the two dominant powers. KEYWORDS China; US; agricultural subsidies; World Trade Organization (WTO); trade; global economic governance; trade negotiations The US has long been the dominant state in the global economy and its governance. Yet, after four decades of rapid and sustained economic growth, China has now emerged as the world's leading trading state and second largest economy. Understanding the implications of a rising China has become a central preoccupation of scholars and policymakers alike. Fueled by its growing economic might, China is demanding a greater role in global economic governance. The US and China are competing not only for economic primacy but also for power in the institutions that set the rules of the global economy (Quark, 2013). A key question is how China's rise will affect the existing system of global economic governance constructed under American hegemony (Gray & Murphy, 2015; Lesage & Van de Graaf, 2015). This article contributes to our understanding of the implications of China's rise by analyzing its impact on one of the most high-profile and contentious issues in the multilateral trading system: agricultural subsidies.