Trump warns EU to address trade deficit with increased US oil, gas purchases or face tariffs
Date
12/22/2024 3:06:18 AM
(MENAFN) President-elect Donald Trump has urged the European Union to reduce its trade deficit with the United States by significantly increasing its imports of American oil and gas, or face the imposition of tariffs.
In 2023, the US goods trade deficit with the EU was €156 billion (USD162 billion), according to Eurostat data.
On Friday, Trump posted on the Truth Social platform, stating that the EU should "make up their tremendous deficit with the US by the large-scale purchase of our oil and gas."
“Otherwise, it is TARIFFS all the way!” he warned.
Eurostat data reveals that the US already supplies 47 percent of the EU’s liquefied natural gas (LNG) imports and 17 percent of the bloc’s oil purchases in the first quarter of 2024. US crude exports to Europe amount to approximately two million barrels per day, making up more than half of the country’s total crude exports, with the remainder going to Asia.
The largest importers of US energy in the EU include the Netherlands, France, Germany, Spain, Denmark, Italy, and Sweden, according to government data.
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