This policy brief reviews the recent US National Intelligence report on global trends in 2025, which predicts a more multipolar and heterogenous world, characterised by non-state actors and rising powers with different priorities such as China, India and Russia. In a world where Europe risks losing its clout, the brief urges the US and the EU to work together in reforming multilateral structures, developing common strategies to engage the new global players, and facing new environmental, demographic and economic challenges.