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Dear Reader, Dear Members and Friends,

With the election of Donald Trump for President, the United States’ trade policy has come under possible scrutiny. Both sides of the Atlantic depend on free trade: on one hand the USA is still the biggest foreign market for Bavaria, on the other hand 4,700 companies and 670,000 jobs in the US directly depend on German investments. In order to analyze new developments and opportunities for companies under the Trump administration, vbw invited experts from both countries to a Round Table discussion in Munich on March 9. In February, Munich also became the venue of the internationally renowned Munich Security Conference. An opportunity, vbw seized to discuss the need of a security policy 4.0. Given this background, I invite you to an interesting read.