On Friday, U.S. President-elect Donald Trump issued a stern warning to the European Union, demanding that the trade imbalance between the EU and the U.S. be addressed through significant purchases of American oil and gas, or risk facing tariffs.
Trump made his position clear in a post on his Truth Social platform, stating, “I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way.”
Data from 2022 shows the U.S. had a goods and services trade deficit of $131.3 billion with the EU. In 2023, the U.S. emerged as the principal market for EU goods, representing 19.7% of its exports.
Trump was known for his aggressive stance on trade, often threatening tariffs on trading partners such as China, Mexico, and Canada. As he gears up for office, this narrative remains a prominent focus of his strategy.
