The president-elect of the United States threatens Brussels with sanctions if it does not buy American oil and gas “on a large scale”.
Will Donald Trump restart a trade war? The American president-elect 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 buying our oil and gas on a large scale”wrote the Republican billionaire 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.
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.
A simple means of pressure?
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 as “strong winds blow in the opposite direction, towards isolation and fragmentation”a comment seen as an allusion to Donald Trump’s threats to increase tariffs.
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 customs duties “properly used” would be positive for the American economy. “Our country is currently losing to everyone”he told reporters at his Florida residence earlier this week. “Customs taxes will make our country rich.”
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