In 2022, imports of goods from the EU amounted to 553.3 billion dollars (533.17 billion euros) while exports from the United States to the Twenty-Seven represented 350.8 billion dollars (338.04 billion euros).
US President-elect Donald Trump on Friday threatened the European Union with customs taxes if it does not reduce its “huge” trade deficit with Washington by buying oil and gas from it.
“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,” the Republican billionaire wrote in a message on his social network Truth.
“Otherwise, it’s CUSTOMS TARIFFS all the way!!!”, threatened Donald Trump.
Imports of goods from the EU amounted to 553.3 billion dollars (533.17 billion euros) in 2022, while exports from the United States to the Twenty-Seven represented 350.8 billion dollars (338.04 billion euros), according to American figures, i.e. a trade deficit of 202.5 billion dollars (195.13 billion euros) between the United States and Europe.
“Isolation”
Donald Trump, who takes office in January, has threatened to impose harsh tariffs on U.S. trading partners including Canada, Mexico and China, which could impact the global economy.
He accused his Canadian and Mexican neighbors of flooding the United States with drugs and illegal migrants, and announced tariffs on their imports of 25%, also pledging to impose at least 10% customs taxes on the China, Washington’s rival in the Asia-Pacific region. Canada, Mexico and China represent three of the United States’ main trading partners.
On December 6, the EU concluded a vast trade agreement with four South American Mercosur countries (Argentina, Brazil, Paraguay, Uruguay) aimed at creating a free trade zone for 700 million consumers. European Commission President Ursula von der Leyen said the deal would create trade bridges while “strong winds are blowing in the opposite direction, towards isolation and fragmentation”, a comment seen as an allusion to threats of Donald Trump to increase customs duties.
Means of pressure?
The US president-elect’s tariff threats could, analysts say, be bragging or leverage for future trade negotiations when he takes office. But he continued to insist that “properly used” tariffs would be positive for the American economy.
“Our country is losing to everyone right now,” he told reporters at his Florida home earlier this week. “Customs taxes will make our country rich.”
