FT News Briefing Will the wheels come off Nato?
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Jun 24, 2025 Tensions rise as the U.S. President declares a ceasefire between Israel and Iran, while questions loom about NATO's stability amid shifting U.S. priorities. The search for a significant stockpile of Iran's uranium heightens concerns over its nuclear ambitions. Emerging markets surprisingly thrive, even as they navigate the backlash from a trade war. This discussion examines the implications of U.S. commitment on European defense strategies and what it means for the future of NATO.
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Iran’s Nuclear Program Risks
- Iran has nearly weapon-grade uranium enriched to 60% purity, enough for potentially 10 nuclear bombs if further enriched.
- Bombing attacks haven't destroyed Iran's nuclear knowledge or necessarily all uranium stockpiles, posing ongoing risks.
Emerging Markets Outshine Developed
- Emerging markets defy expectations by outperforming despite U.S.-Iran conflict and trade war fears.
- Investors diversify away from dollar assets due to erratic U.S. policy, boosting emerging market bonds.
NATO Depends on U.S. Hub
- NATO's structure depends crucially on the U.S. as the central coordinating hub.
- Without U.S. military presence, Europe must rethink defense with core countries managing collective security.