Since the advent of the new US administration policy priorities seem to have diverged. The European side continues to emphasise the importance of cooperation and a rules-based global system. Tensions have emerged as the two sides seem far apart in terms of the need to combat climate change or to defend fundamental rights across the globe. Moreover, Europe perceives China much less as a geopolitical competitor, and more as an important market. But the one area where the US and the EU seem in direct conflict is trade. A truce has been established, but will it last? Will it be possible to find compromises in other areas as well, to re-establish the long-standing transatlantic partnership?