By Joshua Kirby
The EU must buy more American oil and gas or the new administration will impose tariffs on European imports, President-elect Donald Trump warned Friday.
"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way!!!" Trump said on his Truth Social microblogging site.
Trump, who won a second term at last month's presidential elections, has made tariffs a central part of his plans when he moves back into the White House next month. He has threatened to increase import duties on China, with which the U.S. has the largest trade deficit, and has also pledged new tariffs on allies including Canada, Mexico and Europe in a bid to boost U.S. manufacturing.
The bloc is ready to discuss with the president-elect ways to "strengthen an already strong relationship" with the U.S., said Olof Gill, trade spokesman for the EU.
That includes discussing common interests in the energy sector, Gill said.
"The EU is committed to phasing out energy imports from Russia and diversifying our sources of supply," he said.
The U.S. produces more crude oil than any other nation and is a major exporter of liquefied natural gas, including to Europe, with LNG exports rising rapidly in the wake of the Russia-Ukraine crisis and the curtailing of Russian gas piped into Europe. The EU is the main destination for American LNG and crude oil. Still, the 27-member bloc operates a sizeable trade surplus with the U.S., with exports running about 20 billion euros ($20.72 billion) ahead of imports in October, the most recent month for which the EU has published data.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
December 20, 2024 06:19 ET (11:19 GMT)
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