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Within its first two months, President Donald Trump’s second administration has attacked US institutions, alienated trade partners and allies, decimated consumer and investor confidence, and sent the stock market plummeting. Can the dollar’s status as the world’s leading reserve currency – and the extraordinary advantages this affords the US economy – withstand the onslaught?

Less than two months into his second presidency, Donald Trump has imposed sweeping tariffs on America’s three largest trading partners, with much more to come. This strategy not only lacks any credible theoretical foundations; it is putting the US on a path toward irrevocable economic and geopolitical decline.

By choosing to side with the aggressor in the Ukraine war, President Donald Trump’s administration has effectively driven the final nail into the coffin of US global leadership. Unless Europe fills the void – first and foremost by supporting Ukraine – it faces the prospect of more chaos and conflict in the years to come.

“There’s a new sheriff in town,” declared US Vice President J.D. Vance at this year’s Munich Security Conference. With his boss, “Sheriff” Donald Trump, openly disparaging America’s longstanding security commitments and actively undermining European security, the United States can no longer be trusted, and it is up to Europe’s leaders to bolster the continent’s defense capacity – and fast.