It's not just about treasure bonds. The mood is shifting in Europe that, maybe, putting all the eggs in the USA basket is perhaps not that great of an idea.

It's the vindication of Gaullism half a century after De Gaulle's death, the concept of strategic autonomy is getting traction in the rest of Europe. It's not that we can't be friends, but that we shouldn't let our future be gambled in the hands of Wisconsin voters every two years.

> the concept of strategic autonomy is getting traction in the rest of Europe.

I think you may have missed the part where Sweden just joined NATO recently. As long as the EU countries are in NATO which is de facto under American leadership, then there will be no strategic autonomy.

Secondly, even if the mood is sour between the US and the EU currently, Germany, Poland and other small eastern states very much still like to have the US as backers if only just for the fact that there is no EU army.

If the EU countries were leaving NATO to form their own military alliance, then I would agree with you but that hasn't happened and maybe never will.