Trump Threatens EU with Tariffs to Boost US Exports

President-elect Donald Trump has threatened the European Union with tariffs unless it imports more US goods. The US has a significant trade imbalance with the EU, and Trump wants the EU to make up the difference through large-scale purchases of American oil and gas.

President-elect Donald Trump has escalated his trade stance by threatening the European Union with tariffs if the bloc does not increase US imports. This announcement comes amid already tense global trade relationships.

Trump's demand specifically targets the EU's importation of American oil and gas as a means to balance the current USD 209 billion trade deficit between the US and the EU, as reported by the Census Bureau. In 2023, US exports to Europe stood at USD 367 billion, while imports amounted to USD 576 billion.

EU officials have signaled a willingness to discuss energy trade with the incoming Trump administration. EU Commission spokesperson Olof Gill expressed readiness for talks focused on mutual energy interests. This development aligns with the EU's commitment to diversifying its energy sources. However, Trump's approach has sparked both confusion and concern, given existing LNG export dynamics and domestic economic factors.

(With inputs from agencies.)