But the outlook for the European economy will come a close second. Already in a long-term funk, Europe’s clapped-out economic engine leaves it even more exposed to a dose of Trumpism than in 2016. At the start of the week—as long ago as it may seem—the focus in EU circles was on a “new and comprehensive horizontal strategy” for its flailing economy.

Confronted with the return of Donald Trump, EU leaders on Friday are set to commit to deeply reform Europe's economy and tackle challenges highlighted by a blockbuster report.