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As the rivalry grows between the US and China, Beijing is regarding Europe as an increasingly important player. While it has recently ramped up its charm offensive, irritants in the relationship remain.

The European Union needs to urgently prepare for uncertain times ahead and begin to build the blocks of “de-risking” its relations with China.

The gloves are off between the United States and China. How should the Europeans respond?

Germany’s China policy was long shaped by the country’s economic interests and the illusion that engagement could help bring about change. Beijing’s more assertive foreign policy has led to an awakening in Berlin. But how far will the German government go in redefining its relations with China?

What is the role of the EU in the system of world trade? Can it hold its own between the United States and China? Yes, as long as its internal market remains attractive, says Sabine Weyand, the European Commission’s Director-General for Trade.

Russia’s war against Ukraine marks less a rupture in globalization than Russia’s self-imposed removal from the global economy. One consequence may be a more balanced relationship between China and the West.

The frenetic growth of world trade has been over for some time. Geopolitical risks are now leading to a new order. This by no means heralds a phase of deglobalization—which is empirically unlikely and would be costly economically. The European Union would do well, however, to ensure greater diversification.

Geopolitical and geoeconomic conflicts are mounting, and the EU is responding with renewed vigor in trade agreements. But it also urgently needs to move forward with World Trade Organization reform.

Global economic changes make it likely that the international monetary system will no longer be so dominated by the dollar. The question, though, is whether the euro or the yuan can take on the baton.

The transatlantic partners need to lock in gains now before the next election cycle in the US and in Europe may create a less favorable environment for cooperation.

While there is little appetite on either side of the Atlantic for a revival of TTIP, both the EU and the US should work toward smaller agreements to enhance transatlantic trade cooperation in the long-term.

The Russian invasion of Ukraine has made some of the traditional transatlantic security discussions obsolete. It could lead to a new order for security cooperation between the United States and Europe.