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Valuations have surged since Donald Trump’s return. Are investors heading for disappointment?
Catch up on global daily news
Compelling long reads
Tune into captivating conversations
Watch engaging short films
Behind the scenes at The Economist

Defence spending is rising, but strategic autonomy is years away

The American president’s pursuit of Greenland is “fraught with danger”, Shashank Joshi writes

But with America now an unreliable ally, will it be enough to counter Russia?

Europe is rearming at its fastest pace since the end of the cold war. Defence spending is set to rise by €700bn-800bn between…

A deal with America chooses certain tariffs over risky retaliation

It could soon get more expensive