The chancellor-elect’s proposals for gamechanging spending on defence and infrastructure are the right response to a new era

Three days after Russia’s invasion of Ukraine in February 2022, the German chancellor, Olaf Scholz, created a £100bn special fund to modernise Germany’s armed forces. Vladimir Putin’s aggression, he told a stunned Bundestag in explanation, meant that Europe was living through a Zeitenwende, or turning point.

Mr Scholz was right. But it has taken the return of Donald Trump to the White House to lay bare the full scale of the emerging threat to European values, security and economic interests. For leaders across the continent, the dawning realisation of what Trump 2.0 means for the transatlantic alliance constitutes a second historic moment of jeopardy and decision.