The European Union could face higher tariffs if it does not reduce its growing trade deficit with the United States by increasing its purchases of American oil and gas, President-elect Donald Trump said Friday.
“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,” ati wrote on his social network Truth Social.
“Otherwise, customs duties apply!!!!”, he added.
Donald Trump, who will be inaugurated on January 20, has already threatened to impose tariffs on three of the United States’ main trading partners: Canada, Mexico and China.
Europe’s refining industry is owned by the oil majors and trading companies, and governments have no say in supply. Groups tend to buy based on price and effectiveness.
U.S. oil and natural gas exports flow to Europe when market conditions make these purchases more attractive relative to competing producers.
(Reporting by Rishabh Jaiswal, Mrinmay Dey in Bangalore and Dmitry Zhdannikov in London; French version Diana Mandiá)
