Trillions of euros, almost as many priorities — and just over two years to agree. The European Commission has unveiled its sweeping new seven-year budget proposal, and the fight over where the money goes is already heating up.

Host Sarah Wheaton is joined by POLITICO’s Gregorio Sorgi and Bartosz Brzeziński to break down the big winners and losers in the 2028–2034 MFF (Multiannual Financial Framework, as the EU’s long-term budget is known) — from slashed farm spending to a five-fold boost for defense and competitiveness. What’s the political vision behind the numbers? And what does the chaotic rollout tell us about Ursula von der Leyen’s grip on the process?

Then we shift to the escalating transatlantic trade fight. With Donald Trump having threatened 30 percent tariffs on EU exports, Brussels must decide whether to appease, retaliate — or something in between. You’ll hear highlights from a POLITICO Pro panel featuring trade reporters Camille Gijs and Ari Hawkins along with editor Doug Busvine.

If you’re interested in a Pro subscription, learn more here: https://www.politico.eu/why-go-pro/

Further reading:

Brussels slashes the EU farm budget, calls it a win. Farmers call it a declaration of war, by Bartosz Brzeziński, Lucia Mackenzie and Ferdinand Knapp

The muddled €1.8 trillion EU budget launch that exposes von der Leyen’s weaknesses, by Gregorio Sorgi