President-elect Donald Trump Threatens Europe, to impose tariffs if the European Union (EU) does not reduce its growing trade deficit with the United States. Trump called for massive oil and gas purchases to address the imbalance, highlighting America’s dominant position in energy exports.
Trump’s Warning
In a post on his Truth Social platform, Trump stated:
“I’ve told the European Union that they must compensate for their massive deficit with the United States by purchasing oil and gas on a large scale.”
He emphasized that the U.S. is the world’s largest exporter of liquefied natural gas (LNG) and produces oil and gas in vast quantities.
Europe’s Current Energy Imports
According to U.S. government data cited by Reuters, the EU already purchases the bulk of American oil and gas exports. Additional supplies would require increased U.S. production or redirection of shipments from Asia, another major market for American energy.
After reducing dependence on Russian energy due to sanctions following the 2022 Ukraine invasion, the EU significantly boosted its imports of U.S. oil and gas.
EU’s Response
The European Commission expressed its readiness to negotiate with Trump to strengthen economic ties, particularly in the energy sector.
A spokesperson for the Commission stated:
“The EU remains committed to phasing out Russian energy imports and diversifying its supply sources.”
Trade Data Overview
In 2023, the U.S. reported a trade goods deficit of €155.8 billion ($161.9 billion) with the EU, counterbalanced by a €104 billion surplus in services.
U.S. crude oil exports to Europe exceed 2 million barrels per day, accounting for more than half of America’s total oil exports. Major European importers include the Netherlands, Spain, France, Germany, Italy, Denmark, and Sweden, according to U.S. government figures.