US becoming ‘a risk to be hedged against,’ Munich Security report warns – Semafor

The reelection of US President Donald Trump and his rapid transformation of US foreign policy has made Washington “a risk to be hedged against” for other global powers, a key annual international security report published Monday argued.

The Munich Security Conference report, released just before world leaders gather for the annual security conference in Germany, emphasizes the broad geopolitical shift away from a US-led international order, and toward a multipolar world.

Trump’s tariff threats and proposed land grabs across Greenland, Canada, Gaza, and Panama, as well as his oft-repeated attestation that the past world order was a “bad deal” for America, have injected new uncertainties into the global economy and political status quo, the report argued: “The next four years will show whether a more selectively engaged US fuels or contains global disorder.”

The summit is considered the world’s most important international security conference of the year, and dozens of senior leaders and officials are set to attend. The meeting’s chairman said he hoped world leaders would outline steps toward ending the war in Ukraine, with US Vice President JD Vance set to meet Ukrainian President Volodymyr Zelenskyy for talks.