Donald Trump tells EU to buy more US oil and gas or face tariffs | International trade

US President-elect Donald Trump has warned the EU it will face tariffs on its exports to the US unless its member states buy more US oil and gas .

Trump reignited fears of a looming trade war between the United States and the EU in his first public statement regarding trade since being elected president in November.

I told the European Union that it must make up its huge deficit with the United States by purchasing our oil and gas on a large scale. Otherwise, it's RATES all the way!!!, he said in a post on his social media site Truth Social.

The United States is the world's largest oil producer and has also become the bloc's largest supplier of liquefied natural gas (LNG) since Russia supplied the pipeline to its European customers following the large-scale invasion of the Ukraine in early 2022.

This week, a U.S. government study, commissioned by the Biden administration, found that increased U.S. LNG exports could lead to a gas price increase of up to 30% for domestic gas customers.

The study, which analyzed the economic, environmental and other costs of increasing U.S. LNG capacity, also found serious climate consequences due to its high carbon emissions. The report is expected to complicate Trump's pre-election promise to quickly approve more LNG exports.

Strong demand for US gas imports from EU economies is expected. European Commission President Ursula von der Leyen said last month that U.S. gas could be used to replace remaining imports of Russian LNG as the EU struggles to end its dependence on Russian fossil fuels.

We still receive a lot of LNG through Russia, from Russia, von der Leyen said. And why not replace it with American LNG, which is cheaper and lowers our energy prices.

The International Gas Union, which represents the gas industry, also warned the United States that restricting its gas flows while global demand continues to rise could be very damaging to largely gas-importing economies, including the Kingdom -UK and EU.

The United States supplied around 48% of the EU's LNG imports in the first half of the year, of which only 16% came from Russia. America also accounted for 15% of oil imports in the three months to September, according to the latest figures from Eurostat.

David Oxley, chief climate and commodities economist at Capital Economics, said Trump's demand would ultimately align with the bloc's energy import strategy.

President-elect Trump's social media outburst warning the EU to buy more American oil and gas won't cause sleepless nights in Brussels. After all, while EU officials might have hesitated if they had been begged to buy armfuls of Trump perfume or watches, it is firmly in the bloc's interests to buy US LNG under the of its continued abandonment of Russian gas molecules, Oxley said.

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The key point is that booming global LNG exports over the coming years will help reduce natural gas prices in Europe and Asia.

Trump weaponized trade and threatened to tax imports from other countries ahead of his second presidential term. He announced Monday evening his intention to impose tariffs on Canada, Mexico and China on all their exports to the United States until they reduce migration and the flow of drugs into the country .

This despite a potential blow to the American public. ING economists estimated that Trump's broader campaign proposals on trade, which include a universal tariff of between 10% and 20% on all imports, and a 60% tariff on all products from China, could cost each American consumer up to $2,400 (1,914). year.

In 2018, then-European Commission President Jean-Claude Juncker agreed to buy billions of dollars' worth of U.S. exports, including natural gas, avoiding an all-out trade war during Trump's final term in office. White House. The move came months after the EU threatened to target US exports, including Harley-Davidson motorcycles, Levis jeans and Kentucky bourbon, if the US continued its punitive steel tariffs. stranger.

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