The rise of community capitalism since the mid-2010s is reflected in the return of protectionism, authoritarianism, nativism, and violent conflict. European capitalism was forced to adapt by being more assertive. Europeans have embraced solutions that were previously refused as too protectionist, such as European preference, free trade contingent on adhering to social and environmental norms, subsidies to industry for strategic reasons, and competition policy decisions based on reciprocity. Some of these ideas were long defended by France. Germany previously criticised them, but has embraced some in trade since 2016, and others in foreign policy since 2022. The management of Brexit has reaffirmed the basis of European soft power, which depends on the unity of the Single Market. The Covid-19 pandemic (2020–21) forced the Union to adopt protectionist and interventionist measures. The Russo-Ukrainian War has led to very strong sanctions packages, as well as the Union’s foray into military matters. But the Europeans still remain heavily dependent on the US for defence. Donald Trump’s return to power in 2025 has forced Europe to think harder about organising community capitalism.