U.S. President-elect Donald Trump said on Friday that the European Union may face tariffs if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world's largest economy.
U.S. President-elect Donald Trump said on Friday that the European Union may face tariffs if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world's largest economy.
The EU is already buying the lion's share of U.S. oil and gas exports, according to U.S. government data, and no additional volumes are currently available unless the United States increases output or volumes are re-routed from Asia - another big consumer of U.S. energy.
"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas," Trump said in a post on Truth Social.
"Otherwise, it is TARIFFS all the way!!!," he added.
The European Commission said it was ready to discuss with the president-elect how to strengthen an already strong relationship, including in the energy sector.
"The EU is committed to phasing out energy imports from Russia and diversifying our sources of supply," a spokesperson said.
The United States already supplied 47% of the European Union's LNG imports and 17% of its oil imports in the first quarter of 2024, according to data from EU statistics office Eurostat.
Trump has vowed to impose tariffs on most if not all imports, and said Europe would pay a heavy price for having run a large trade surplus with the U.S. for decades.
Trump has repeatedly highlighted the U.S. trade deficit for goods, but not trade as a whole.
Most European oil refiners and gas firms are private and the governments have no say on where the purchases are coming from unless authorities impose sanctions or tariffs. The owners usually buy their resources based on price and efficiencies.
The EU’s increased reliance on U.S. energy followed sanctions imposed on Russia after starting war in Ukraine in 2022, further shifting the bloc’s energy trade dynamics.
The United States is not planning to impose additional sanctions on Russia for now, aiming instead to keep diplomatic channels open to pursue a peace deal, Secretary of State Marco Rubio said.
U.S. Secretary of State Marco Rubio said Iran is now "much further away from a nuclear weapon" following recent U.S. airstrikes on Tehran’s nuclear sites, contradicting reports that the damage only caused minor delays.
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U.S. and Iranian officials have engaged in dialogue amid recent regional tensions, with Washington expressing cautious optimism about the outcome.
Trump says China can continue buying Iranian oil after Israel-Iran ceasefire, hinting at softer sanctions enforcement.
The United States is not planning to impose additional sanctions on Russia for now, aiming instead to keep diplomatic channels open to pursue a peace deal, Secretary of State Marco Rubio said.
U.S. Secretary of State Marco Rubio said Iran is now "much further away from a nuclear weapon" following recent U.S. airstrikes on Tehran’s nuclear sites, contradicting reports that the damage only caused minor delays.
Kazakhstan’s Prime Minister Olzhas Bektenov has announced a major reform initiative aimed at strengthening national sovereignty in the country’s space sector.
An historic mission began early on Wednesday (25 June) as astronauts from India, Poland, and Hungary were launched to the International Space Station (ISS) for their countries’ first-ever visit. They were joined by NASA veteran Peggy Whitson.
An explosive device detonated on an armoured combat-engineering vehicle in Khan Younis in Gaza, killing seven Israeli soldiers and seriously wounding another soldier on Tuesday (24 June).
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
The United States is not planning to impose additional sanctions on Russia for now, aiming instead to keep diplomatic channels open to pursue a peace deal, Secretary of State Marco Rubio said.
U.S. Secretary of State Marco Rubio said Iran is now "much further away from a nuclear weapon" following recent U.S. airstrikes on Tehran’s nuclear sites, contradicting reports that the damage only caused minor delays.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 25th June, covering the latest developments you need to know.
A landslide in northwest Colombia has left multiple people dead and injured, with rescue efforts still underway.
U.S. and Iranian officials have engaged in dialogue amid recent regional tensions, with Washington expressing cautious optimism about the outcome.
The United States is not planning to impose additional sanctions on Russia for now, aiming instead to keep diplomatic channels open to pursue a peace deal, Secretary of State Marco Rubio said.
U.S. Secretary of State Marco Rubio said Iran is now "much further away from a nuclear weapon" following recent U.S. airstrikes on Tehran’s nuclear sites, contradicting reports that the damage only caused minor delays.
Kazakhstan’s Prime Minister Olzhas Bektenov has announced a major reform initiative aimed at strengthening national sovereignty in the country’s space sector.
An historic mission began early on Wednesday (25 June) as astronauts from India, Poland, and Hungary were launched to the International Space Station (ISS) for their countries’ first-ever visit. They were joined by NASA veteran Peggy Whitson.
An explosive device detonated on an armoured combat-engineering vehicle in Khan Younis in Gaza, killing seven Israeli soldiers and seriously wounding another soldier on Tuesday (24 June).
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