European allies brace for a possible transatlantic rift as Trump seeks a scapegoat, testing NATO cohesion and defence marketsExecutive summary: European leaders met in Berlin, with Chancellor Merz rallying allies to show unity as fears grow that Trump will seek a scapegoat and trigger a NATO clash. A transatlantic split would influence NATO burden‑sharing negotiations, defence procurement contracts and EUR/USD volatility, affecting markets and policy. German Chancellor Friedrich Merz, European NATO partners, US President Donald Trump, and NATO leadership (implicitly). Further diplomatic talks ahead of the NATO summit, potential Trump statements on allied contributions, and possible European defence budget announcements.Chancellor Friedrich Merz convened a Berlin meeting of European partners to project unity amid worries that the US administration will look for a scapegoat and provoke a NATO clash. The gathering underscores Europe’s intent to signal solidarity while preparing for renewed friction with Washington. Such a rift could affect NATO burden‑sharing, defence contracts and transatlantic trade, with immediate repercussions for defence stocks and currency markets.Connected developments+++ USA +++: Trump lobt Nato-Chef vor Gipfel: „großartige Führungsperson“Czech president sues prime minister over NATO attendance+++ USA +++: Trump lobt Nato-Chef vor Gipfel: „großartige Führungsperson“Rutte’s balancing act between Trump and 31 NATO alliesCzech president sues prime minister over NATO attendanceTschechien: Tschechiens Präsident klagt auf Teilnahme an Nato-GipfelOpen the full case file on Beyond →
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