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.
Ukraine is set to restart attacks on Russian oil refineries following a two-day pause, President Volodymyr Zelenskyy said, amid growing tensions wi...
The Saudi-led coalition said early Thursday that it intercepted and destroyed a drone over Saudi Arabia’s...
A 16-year-old shooter opened fire on Thursday at an elementary school in Bend, Oregon in the United States, ...
Yemen’s Houthis have claimed responsibility for the recent drone and missile strikes on Saudi Aramco facilities in Dhahran and Riyadh and at King Khalid International Airport in Saudi Arabia, vowing to carry out more attacks in the coming days.
The Saudi-led coalition said early Thursday that it intercepted and destroyed a drone over Saudi Arabia’s Eastern Province.
Ukraine's soldiers have had their access to Starlink satellite internet restricted. Kyiv's troops use the terminals, made by Elon Musk's SpaceX, to pilot drones. A source in Ukraine's Defence Ministry said the restrictions would make it harder for Kyiv's army to down Russian drones.
Ukraine is set to restart attacks on Russian oil refineries following a two-day pause, President Volodymyr Zelenskyy said, amid growing tensions with Washington over energy strikes and U.S. military support.
Kenya has confirmed a second case of Ebola, intensifying efforts to prevent the spread of the virus after the country recorded its first-ever infection earlier this month.
A 16-year-old shooter opened fire on Thursday at an elementary school in Bend, Oregon in the United States, killing four people, including three children, before being killed by an armed member of the community who had pursued the assailant into the school, police said.
France is preparing for a fresh wave of nationwide demonstrations this weekend as rising living costs, education concerns and growing political tensions converge into one of the most significant protest movements seen in the country in recent years.
British Defence Secretary Wes Streeting has called for closer cooperation between the United Kingdom and the United States, arguing that the transatlantic partnership remains essential to addressing modern security challenges and maintaining stability across Europe.
Ukraine is set to restart attacks on Russian oil refineries following a two-day pause, President Volodymyr Zelenskyy said, amid growing tensions with Washington over energy strikes and U.S. military support.
Tens of thousands of students have taken to the streets across Albania to protest rising education costs and corruption, with demonstrations turning violent. Prime Minister Edi Rama has rejected calls to resign, insisting his government will remain in office.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment