Geopolitical risks impact firms on both sides of the Atlantic. While the short-term outlook is better than expected, there remains huge uncertainty related to the nature and extent of more permanent geopolitical shifts and breaks. This column reports findings from the EIB Investment Survey 2025, which show that EU and US firms continue to invest, albeit with a somewhat weaker appetite. US firms have been adjusting their supply chains, looking into import substitution, enhanced diversification,