In this file photo taken on April 23, 2020, pump jacks operate near Loco Hills in Eddy County, New Mexico. Paul Ratje / AFP

 

Deutsche Welle

<div><span class="fr-img-caption fr-fic fr-dib"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1734743076353oil.png" class="fr-fic fr-dib"/><span class="fr-inner">In this file photo taken on April 23, 2020, pump jacks operate near Loco Hills in Eddy County, New Mexico. <em>Paul Ratje / AFP</em></span></span></span></div><p>US President-elect Donald Trump has threatened the EU with new tariffs unless the bloc imports more American oil and gas.</p><p>&quot;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,&quot; Trump said in a post on his Truth Social platform on Friday.</p><p>&quot;Otherwise, it is TARIFFS all the way!!!&quot;</p><p>According to US government data, the EU is already the biggest buyer of US energy exports.</p><div><strong>Trump&#x27;s plans for tariffs</strong></div><p>Trump has pledged to impose hefty tariffs on three of the United States&#x27; largest trading partners — Canada, Mexico and China — when he takes office on January 20. Such a wide-ranging move could have major implications for the global economy.</p><p>He has also said Europe can expect to pay a price with the goods it exports to the US if it doesn&#x27;t do more to close the trade gap with Washington.</p><p>Last year, the US had a goods trade deficit with the EU of €155.8 billion ($161.9 billion).</p><p>However, in services, it had a surplus of €104 billion, according to the EU statistics office Eurostat.</p><p>Exports from the EU are dominated by Germany, with key goods being cars, machinery and chemicals.</p><p>Trump argues that increasing tariffs on goods from other countries would help US companies produce more domestically and create more local jobs.</p><div><a href="https://www.abs-cbn.com/news/business/2024/12/16/china-s-booming-lingerie-capital-skirts-tariffs-through-loophole-1935">China&#x27;s booming &#x27;lingerie capital&#x27; skirts tariffs through loophole</a></div><div><strong>How did the EU respond to Trump&#x27;s threat?</strong></div><p>The EU is seeking to avoid a trade conflict with the US under Trump&#x27;s incoming administration.</p><p>The European Commission, the EU&#x27;s executive arm, said Friday it was open to talks with the president-elect about how to strengthen what it described as an already strong relationship.</p><p>&quot;The EU is committed to phasing out energy imports from Russia and diversifying our sources of supply,&quot; a spokesperson said, while noting that the US also enjoyed &quot;a substantial trade in services surplus vis a vis the EU.&quot;</p><p>The EU has dramatically increased its purchases of US oil and gas since deciding to cut reliance on Russian energy following Moscow&#x27;s invasion of Ukraine in 2022.</p><div><a href="https://www.abs-cbn.com/news/world/2024/12/18/trump-jokes-canada-becoming-51st-us-state-a-great-idea-0140">Trump jokes Canada becoming 51st US state &#x27;a great idea&#x27;</a></div><p>In the first quarter of 2024, the US supplied 47% of the bloc&#x27;s liquefied natural gas imports and 17% of its oil imports, according to Eurostat data.</p>

<p>Trump argues that increasing tariffs on goods from other countries would help US companies produce more domestically and create more local jobs.</p>

Trump argues that increasing tariffs on goods from other countries would help US companies produce more domestically and create more local jobs.

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Trump tells EU to boost US energy imports or face tariffs

Trump tells EU to boost US energy imports or face tariffs

Deutsche Welle

Published Dec 21, 2024 09:04 AM PHT

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Donald Trump

European Union

Oil

Gas

Trade

Tariffs

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