A year into the new administration, confidence in American leadership is wavering as Europe increasingly charts its own course on defense and security. The transatlantic relationship is shifting fundamentally—allies are no longer waiting for U.S. guarantees but instead building independent capabilities. This realignment carries significant implications for global markets and capital flows. When geopolitical stability questions arise, traditional risk-off assets often benefit while emerging market exposure faces headwinds. For investors tracking macro trends, this pivot toward European autonomy signals a multipolar world reshaping investment landscapes and asset allocation strategies across borders.