The tariff-flip-flop-induced market turmoil of recent weeks has pushed other items off the agenda that were critical only a month ago.

A quick rewind to March: with the US administration shifting the responsibility to Europe for supporting Ukraine, policymakers started ratcheting up their hawkish rhetoric and defence stocks began to soar. European Commission President Ursula von der Leyen described it as “the most momentous and dangerous of times”. In response, the European Union (EU) unveiled its €800 billion ReArm Europe Plan, comprising €650 billion in fiscal space and €150 billion in borrowing, to bolster defence capabilities and ensure strategic autonomy.

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