John Fragrance / EPA
Donald Trump
“I told the European Union that it has to compensate for its huge deficit with the United States through large-scale purchase of our oil and gas. Otherwise, it will be tariffs until the end!!!” Trump on Truth Social, which is owned by his social media company.
The warning is not new. The future president of the USA has used the threat of tariffs as a negotiation tactic with countries that it considers to be treating the United States unfairly.
In November, Trump threatened to apply a 25% global tariff on all products imported from Canada and Mexicounless these countries strengthen what he considers to be lax enforcement of drug and border laws.
The protectionist measure was already applied in the president’s previous term against China, a big “economic enemy” from the USA. Currently, it is also promising economic sanctions to this country.
During the election campaign, Trump said he would look increase American production of fossil fuelsdespite the United States producing more oil than any other country has ever done, as reported by .
Trump further promised relax regulations on new drilling and frackingand his message that Europe should buy more energy from the United States is consistent with his promises.
Europe has distanced itself from the current war with Ukraine, prohibited by law by the EU, buying gas from the United States to make up part of the difference.
Os USA already supplied 47% of LNG imports (Liquefied Natural Gas) from the European Union and 17% of its oil imports in the first quarter of 2024, according to data from the EU’s statistics office, Eurostat.
European stocks fell sharply on Friday and U.S. stocks fell slightly in premarket trading. Trump’s tariff threat adds more uncertainty to the market, and the tariff hike could reignite a global inflation crisisCNN economists said.
According to , the European Commission has already responded to the American president: said she was ready to discuss with Trump the way to reinforce what he described as an already strong relationship, including in the energy sector.
“The EU is committed to phase out energy imports from Russia and diversify our supply sources,” said a spokesperson.
