The EU’s raison d'être and commitment to reimagining partnerships

European Commission President Ursula von der Leyen, in her annual speech to the European Parliament in Strasbourg, set out priorities for the 27-nation EU for the year ahead and reiterated her belief in peaceful cooperation. 

She also urged the eurozone bloc to urgently reimagine its partnerships in order to build global resilience and strengthen democracies. 

The reimagined partnership she describes nicely sets up her direct invitation to Canadian Prime Minister Mark Carney, opening the door for Canada to be the first associate member of the EU.

This consequential speech comes after Carney’s ambitious push for a full membership in the EU or its common market. 

The WSJ on Sept. 13 reported that European and Canadian officials explored ways they could allow Canada to join forces into Europe’s $21 trillion single market in strategic supply chains across energy, AI, critical minerals and defense.

President Trump’s response would likely increase tensions given the ongoing tit-for-tat trade war between the U.S. and Canada. As of now, no official court rulings have prohibited President Trump’s use of Section 338 of the Tariff Act of 1930 against Canada. 

Canada's retaliatory tariffs on U.S. goods went into effect on Sept. 8, targeting approximately $20 billion worth of American imports.

Von der Leyen’s invitation comes across as a direct blow to the U.S., despite her claim that the EU-Canada partnership “is not [one] against anyone else, but for our common strength.” 

The Canadian dollar was little changed, weakening slightly to about 1.39 per U.S. dollar, as of 5:35 am ET.