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President-elect Trump threatened Friday rates to the European Union (EU), unless the bloc buys large quantities of US oil and gas to offset its growing deficit with the US
“I told the European Union that they have to make up their huge deficit with the United States by buying our oil and gas on a large scale,” Trump said. published on his social media site, Truth Social.
“Otherwise it’s FEE all the way!!!”
However, the EU buys most of the US oil and gas and no additional volumes are available unless the US increases production or volumes are redirected through Asia, according to Reuters. informedciting US data.
The US provides 47% of the EU’s gas imports, according to the news service, which cited data from the statistics office Eurostat, and US oil imports accounted for 17% of its supply during the first quarter of 2024.
Reuters noted that the US has a goods trade deficit with the EU of $161.9 billion in 2023 and in services, the US had a surplus of $108 billion, Eurostat data showed.
Trump has said he views the threat of tariffs as a critical negotiating tool.
Earlier, he threatened 25 percent tariffs on U.S. neighbors Mexico and Canada to force tighter border security and an additional 10 percent tariff on China to force maximum penalties on drug traffickers.
