EU leaders are in Budapest on Friday for an informal summit to find ways to reboot the bloc’s competitiveness versus the United States and China. The European Union has long struggled with economic growth since the Covid-19 pandemic and the repercussions of an energy price shock linked to the full-scale Russian invasion of Ukraine. The re-election of Donald Trump to the US presidency has lent fresh urgency to the challenge with the incoming president calling for a US tariff hike on all imports as high as 10% and 20%. Trump argues that the US is being treated unfairly by the EU and other tradin…