(C) Project Syndicate
Six months into Donald Trump’s second term as president, it is fair to recognize that he has won a complete victory in the realm of economic policy. At least by the standards he has set for himself. Moreover, no U.S. president since World War II has been so successful in imposing his will – maybe with the exception of Ronald Reagan.
One can censure Viktor Orban, a friend of U.S. President Donald Trump and Russian President Vladimir Putin, for many things. But the Hungarian prime minister was not wrong when he noted that Trump had just “eaten [European Commission President] Ursula von der Leyen for breakfast” before our eyes. The agreed draft trade agreement between the European Union and the United States imposes a 15% duty on most European goods exported to the U.S. and a 0% duty on American exports to Europe. Obviously, Trump won the match – by a score of 15-0.
When U.S. President Donald Trump and European Commission President Ursula von der Leyen shook hands at Trump Golf Club in Scotland on Sunday, they didn’t just announce a new trade agreement. They formalized Europe’s economic and ideological surrender. By agreeing to a 15% duty on most goods exported to the US, the EU capitulated to Trump’s worldview (a zero-sum game). In doing so, the EU abandoned the principles of multilateralism that had long guided world trade.
Today, a new major catastrophe is looming: the rapid warming of the planet and increasing environmental degradation are jeopardizing all sectors of the global economy. While many investors continue with business as usual, as if unaware of what is coming, there is a group of investors who are trying to get off the dangerous path – long-term asset owners, including pension funds and sovereign wealth funds.
For decades, the United States has defended democracy, the rule of law, and human rights. Yes, there have been glaring discrepancies between words and reality: during the Cold War, America overthrew democratically elected governments in Greece, Iran, Chile and elsewhere in the name of defeating communism. And within the U.S., there was a struggle for civil rights for African Americans, a century after slavery was abolished. In addition, the U.S. Supreme Court is now actively trying to limit attempts to remedy the effects of a long history of racial discrimination.
“Bomb threat! Leave the premises immediately,” a security officer yelled at me during a “Principles First” conference of moderate Republicans gathering in Washington, D.C., on Feb. 22. We learned a little later that the threat came in the form of an untraceable email that said four homemade bombs had been planted “in honor of the January 6 hostages recently released by Emperor Trump.”
The more humanity learns about the oceans, the more obvious it becomes how little we actually understand about them. For example, it is believed that there are actually three times as many marine species as we have already identified. This fact alone should make us stop treating the ocean as something self-evident.
On July 10, the European Parliament will vote on the resignation of European Commission President Ursula von der Leyen and her entire team. Such a vote of no confidence is highly unusual for the European Union. But although such initiatives have never been successful, they are the most powerful tool for controlling the executive branch in the EU and, as history shows, change the political dynamics in Brussels.
The just-concluded NATO summit in The Hague took place at a time of extreme tension. Since returning to the White House, Donald Trump has repeatedly accused Europe of sponging off U.S. defense spending, raising serious concerns about the health of the Atlantic alliance. These fears were only heightened by Trump’s decision to bomb Iran’s nuclear facilities just three days before the summit, a decision made in coordination with Israel and without notifying America’s NATO allies.
For the umpteenth time, fiscal austerity has opened the door for populist political parties. In the UK, France, Poland and other countries, populists succeed by criticizing “fiscally responsible” governments that cut spending.
During the first four months of 2025, 56 Norwegian citizens debated how Norway’s vast oil wealth can best serve current and future generations – at home and abroad. Unlike traditional decision-making methods, where elected officials and experts determine policy, the so-called Commission for the Future (the second such assembly in Norwegian history) allowed ordinary citizens, selected through a representative and knowledgeable process, to make recommendations in informed discussions.
Even before U.S. President Donald Trump’s attack on the global economy, it was experiencing not only a structural crisis, but also a crisis of values that once justified and guided international cooperation. The declining role of multilateralism, i.e. multilateral relations, is explained not only by the weakening of international organizations and geopolitical tensions, but also by the loss of unified principles of international cooperation, the shift to unilateralism, transactional diplomacy, and zero-sum nationalism.
