On Thursday, leaders from nearly 50 European countries and neighboring nations met in Budapest, Hungary, for the fifth European Political Community summit. The spotlight was on the war in Ukraine and economic security, especially since Donald Trump was re-elected as U. S. president. European Council President Charles Michel proposed a strategic debate on transatlantic relations over dinner. He emphasized the importance of strengthening bilateral ties, security in Ukraine, and tackling global challenges like climate change.

Trump's policies could spell trouble for Europe. He plans to boost U. S. fossil fuel production and pull out of the Paris Climate Agreement again. This worries European leaders, who fear Trump might slow down military aid to Ukraine, shake up NATO, and impose tariffs on EU goods. Such tariffs could hurt the EU's economy, especially Germany's, and put millions of jobs at risk.

Europe is also dealing with internal issues. Germany's coalition government collapsed, France's President Emmanuel Macron is sharing power, and British Prime Minister Keir Starmer's approval ratings are low. Michel stressed the need to boost Europe's competitiveness, as its share of the global economy has halved in the last 20 years.

The EU has been preparing for different scenarios post-U. S. election. They're ready to avoid a trade war and 'Trump-proof' security arrangements. However, the situation is critical. The EU's economy is heavily dependent on China's, and a trade war could be devastating.

European Leaders Gather in Hungary: What's Next with Trump Back in Charge?

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