The problem isn't Trump. The problem is the US. When the outside world observes Trump's insane behaviour and his threats against allies, and we at the same time observe that there is no real action from the US public, Congress, the US Supreme Court, or the US media about this insanity, we will all have to conclude that the US accepts this behaviour. The public in the US think the US is entitled to a certain position in the world where there is no room for decent behaviour and where there are no norms and rules. That means that we all have to conclude that the US — not only Trump — has betrayed the international order that the US, with its Western partners, were the main architects of after the Second World War. This is the conclusion that Canadian Prime Minister Mark Carney so clearly laid out in his speech at Davos yesterday. We simply cannot trust the US to play by the rules any more. Therefore, we also fundamentally have to ask ourselves — should we trust the financial and economic structure which is an integral part of the global rules-based order? Americans live in the illusion that the US can do everything on its own, despite the fact that the US for nearly 20 years has lived beyond its means. US private and government consumption has been funded by, among others, European central banks and pension funds. But we now have to ask ourselves — why would we trade in dollars? Why would we put our savings into US Treasury bonds? If the US is not a rules-based society, we cannot trust the dollar to be a stable currency, and it would be insane to hold dollars. As domestic US institutions are eroded and governance structures destroyed, the US will be turned into an emerging market economy — or more accurately, a de-merging economy. If the US threatens the territory of allies, then the US acts as an authoritarian bully nation. Nobody in their right mind would lend money to the US government. If the US doesn't live up to its international obligations and respect the sovereignty of other nations, why would we expect the US government to honour its debts? If Trump can tariff nations that will not give up their territory, then there is certainly no reason to believe that the US will not introduce capital controls. And if that is a risk, why would you risk investing in the US? It is not a question about Europe standing up to the US. It is a question about being prudent with our investments — about reducing risks. Every day Trump remains in office, distrust of the US increases, and the cost for the US will go up day by day. And this is irreversible. It takes years to build trust, but you can destroy it by your actions in minutes. Europe has now completely lost trust in the US. And so has Canada. It is up to the people of the US to demonstrate that Trump is an 'outlier', and it is up to the American people to stop him. If you don't do that, we will have to assume that this is what the US is about — whether the name of the President is Trump or something else, whether the President is a Republican or a Democrat.