This week JD made it clear that America is stepping back from its traditional role as Europe's security guarantor to focus on rising threats from China. This pivot challenges Europe to take greater responsibility for its own defense and values, amidst many concerns over democracy, free speech, industrial production, supply chain sovereignty and military readiness.
The narrative is just starting to play out, but it certainly feels very real and the "vibe shift" has already completely happened.
Today Trump tweeted that he's likely going to treat VAT on imports as a tariff, and will reciprocate with similar levels of tariffs. If we were all friends a few years ago, now that's definitely not the case anymore.
There is also a clear vibe shift in Europe itself, that almost like a kick in the balls mixes the surprise, the pain, the anger and the vengeance. But it's definitely not fully distributed yet.
We could write a very long piece here, but don't think we have too much to add to what Noahpinion and Draghi published this week, so suggest reading that below.
Keeping in topic, I'm gonna go see for myself and spend next week (24-27) in LA / El Segundo - ping me if you're around!