Buzzwords in Brussels come and go. In 2021, the concept of “strategic autonomy” was all the rage in Europe’s corridors of power. In theory, it was meant to signal greater European independence in global affairs. But many of its ostensible goals—in trade, finance, and the economy—were primarily aimed against the United States, not least to protect Europe from the effects of U.S. tariffs and extraterritorial sanctions.
The COVID-19 pandemic’s exposure of supply chain risk and Russia’s 2022 invasion of Ukraine have completely reshaped Europe’s economic strategy. “De-risking” is now the magic word to catch the attention of European policymakers. Instead of trying to shield itself from U.S. economic policies, Brussels is now following Washington’s efforts to reduce economic dependence on China.
However, European plans are trailing far behind those of the United States.
