Is the U.S.-led rules-based order ending?

European leaders, national security policymakers, and reporters convened at a historic hotel in Munich, Germany, over the weekend for the annual national security pilgrimage known as the Munich Security Conference.

The summit – normally a wonkish affair – made more headlines than usual last year. That’s when newly inaugurated Vice President J.D. Vance delivered a brow-beating speech to his European counterparts. But in 2026, the message from American officials at least sounded more pleasant.

What should we make of this year’s conference?

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