This article discusses the notion of “transatlantic division of labor” from a U.S. perspective. The Obama administration has made clear that the United States would continue to lead thanks to its “unique capabilities,” but substantial contributions from “capable partners” are still needed. Afghanistan, Libya, Ukraine, and the campaign against the self-proclaimed Islamic State group are all examples both of a division of labor and of a shared perspective between the United States and Europe. However, Europe should keep investing in its military and be willing to address tough security problems.