Ursula von der Leyen outlines new EU economic strategy and trade priorities

European Commission President Ursula von der Leyen has outlined a strategic plan to overhaul the EU's economic model. Speaking at a summit in Paris, she noted that the previous pillars of European prosperity—cheap imported energy, open global trade, and Western technological progress—are shifting. To maintain competitiveness, the Commission aims to reduce administrative burdens by 25% for all companies and 35% for small and medium-sized enterprises by 2029.

In a separate development regarding European political priorities, Canadian Prime Minister Mark Carney is set to join von der Leyen for her State of the Union address to the European Parliament on September 16. This invitation comes amid rising international trade tensions, specifically following Canada's response to new U.S. tariffs on steel and other products. While the European Commission has expressed opposition to tariffs, stating they ultimately burden consumers, it continues to work closely with both the United States and Canada to maintain transatlantic stability.