Trump ramps up EU trade war threat unless bloc buys American oil and gas

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The Republican figurehead campaigned for the 2024 U.S. election on a pledge to impose tariffs of 10 to twenty p.c on all imports. He has additionally threatened to slap a 60 p.c levy on all items coming from China.

Throughout his first time period, Trump imposed tariffs of 25 p.c on metal imports and 10 p.c on aluminum, sparking a commerce conflict with the EU, which hit again with tariffs on American items price round $6 billion.

“Tens of millions of jobs and billions in commerce and funding on all sides of the Atlantic rely on the dynamism and stability of our financial relationship,” European Fee President Ursula von der Leyen stated in her message congratulating Trump on his victory within the November election, in an obvious attraction to not repeat 2018's row.

Throughout an EU leaders' assembly in Budapest within the days after November's seismic U.S. election, von der Leyen advised reporters that the EU may enhance purchases of American liquefied pure gasoline in a bid to maintain Trump candy.

“Why not exchange [Russian gas] by American LNG, which is cheaper for us and brings down our power costs? It’s one thing the place we are able to get right into a dialogue, additionally [where] our commerce deficit is worried," von der Leyen stated.

However the EU's ambassador to the U.S., Jovita Neliupšienė, final month stated the bloc was additionally able to retaliate if Trump follows by means of on his tariff threats. "If there are some new frictions for the commerce, the European Union shall be prepared, truly, to react to that," she stated.

The EU exported $576.3 billion price of products — almost 20 p.c of its complete exports — to the U.S. in 2023, in line with U.S. Census Bureau information, making the U.S. the bloc's second-largest buying and selling companion.