Official announcements from the US government or trade policy updates

Trump Warns EU to Address Tremendous Deficit by Buying More US Oil and Gas or Face Tariffs

Dec 20, 2024, 06:30 AM

President-elect Donald Trump has issued a warning to the European Union, stating that it must address its trade deficit with the United States by significantly increasing its purchases of American oil and gas. Trump emphasized that failure to do so would result in tariffs being imposed on EU goods. He described the current deficit as 'tremendous' and highlighted the importance of large-scale purchases of U.S. energy resources to rectify the imbalance. The U.S. is currently the world's leading exporter of liquefied natural gas (LNG) and the largest oil producer, positioning it as a key player in global energy markets. This statement comes amid ongoing discussions regarding transatlantic economic relations and the potential impact of such tariffs on both economies.