Trump's 2025 Warning: EU Faces Tariffs if Oil and Gas Imports from US Don't Increase
Discover how former President Trump is pressing the European Union to boost purchases of American oil and gas to reduce the trade deficit, or face potential tariffs during his second term.
Highlights to Know
- Former U.S. President Donald Trump reiterates tariff threats ahead of his anticipated second term.
- Trump urges the European Union to increase their imports of U.S. oil and gas to address the significant trade imbalance.
- Failure to comply could result in the EU facing new tariffs, Trump warns.
As the countdown to his second inauguration continues, Donald Trump is intensifying pressure on international trade partners, particularly the European Union, demanding they purchase more American oil and gas to reduce the longstanding trade deficit.
In an early morning post on Truth Social, Trump stated, "I informed the European Union that they must close their massive trade gap with the United States by significantly increasing their purchases of our oil and gas. If not, they will face relentless tariffs!"
Tariffs have been a cornerstone of Trump's trade strategy, as he previously proposed a 25% tariff on imports from Mexico and Canada, alongside an additional 10% on Chinese goods.
According to the U.S. Trade Representative, the trade deficit between the U.S. and the EU reached $131.3 billion in 2022.
EU officials are actively seeking alternatives to reduce reliance on Russian energy, with U.S. oil and gas emerging as a potential solution, as reported by CNBC. Former Italian Prime Minister Enrico Letta emphasized to CNBC that linking energy imports to tariffs on other goods is misguided, as they involve separate issues.
The European Union claims to be better prepared for potential trade disputes under a renewed Trump administration compared to 2017, aiming to uphold a "Europe United" stance in response to Trump's probable "America First" policies, according to Bloomberg.
In related news, regulatory documents revealed that Trump transferred all shares of Trump Media and Technology Group (DJT) to a revocable trust managed solely by his son, Donald Jr., a move mirroring asset transfers made before his first term in 2017, CNBC reports.
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