Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Trump issues fresh trade threat: buy american oil or face heavy tariffs, eu told

by December 20, 2024
December 20, 2024
Trump issues fresh trade threat: buy american oil or face heavy tariffs, eu told

Donald Trump has threatened European Union member states with punitive tariffs if they fail to purchase more American oil and gas, reviving the prospect of a renewed transatlantic trade war.

On Friday, the president-elect declared on social media: “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!!!”

The warning comes as Mr Trump insists the EU reduce its trade surplus with the US, which stood at $131 billion (£105 billion) last year. He is expected to press for a more balanced trade relationship, wielding the threat of tariffs on European exports unless the EU buys more American goods and services.

The stance could pose a delicate challenge for Britain, with the incoming US ambassador Lord Mandelson likely to devote considerable diplomatic effort to staving off a full-blown trade conflict while trying to keep both the EU and the US in accord.

Mr Trump’s tough rhetoric recalls his previous presidency, when he imposed tariffs on EU steel and aluminium and threatened further duties on German car imports. That period sparked a flurry of transatlantic tensions, countermeasures by the EU on products like Harley-Davidson motorcycles and denim, and a temporary truce in 2018.

This latest escalation signals a potential return to tit-for-tat tariffs. After being caught off guard before, EU officials have since refined their trade defence capabilities to respond more swiftly to US pressure, should it arise. In November, German Foreign Minister Annalena Baerbock noted that Europe is “well-prepared” for a scenario where Washington revives its “America first” policies, vowing a unified European response.

The EU has also introduced rules enabling it to exclude foreign firms benefiting from state subsidies from tendering for public contracts or pursuing takeovers within the bloc—an insurance policy against what it views as unfair competition.

Mr Trump has frequently criticised European nations for relying on the US security umbrella while spending too little on their own defence, and has accused them of exploiting America’s economic generosity through substantial trade surpluses. Brussels, the EU’s political heart, has been called a “hellhole” by the president-elect, who has threatened to stand back and let Russia “do whatever the hell they want” should Nato countries fail to invest adequately in their militaries.

These latest tariff threats are not solely aimed at the EU. Mr Trump has also targeted China and close allies like Canada, which he has jokingly described as “another US state.” In a move to hedge against these threats, some LNG (liquefied natural gas) buyers, including EU member states and Vietnam, have already discussed increasing their purchases from the US.

The US remains the world’s largest crude oil producer and top exporter of LNG. More than half of American LNG exports went to Europe last year, though the EU has sought energy supply diversification, signing agreements with other producers such as Qatar. The urgency for alternatives heightened after Russia’s invasion of Ukraine exposed the EU’s vulnerability due to its previous reliance on Russian energy.

Given Mr Trump’s known enthusiasm for the word “tariff,” long viewed by him as a key strategic tool, European governments may now find themselves caught between diplomatic negotiations and the threat of sudden trade penalties. This climate of uncertainty raises the stakes for EU leaders, who must balance the need to secure stable energy supplies with the imperative to maintain cordial trading relationships with Washington.

Read more:
Trump issues fresh trade threat: buy american oil or face heavy tariffs, eu told

0
FacebookTwitterGoogle +Pinterest
previous post
Budget ‘weighing on growth’, warns Bank of England
next post
Mandelson chosen by Starmer as UK ambassador to US

You may also like

Liverpool hotels cancel Eurovision bookings as rates hit...

October 10, 2022

The Wealthy Wayfarer: Personal Finance Tips for the...

April 21, 2024

Q&A with Manoucher Sarbaz: Innovations in Sustainable Development

June 28, 2024

The Mathematical Mind: A Spotlight on Dr. Abdalla...

March 27, 2025

Energy bills likely to inch higher from April...

December 11, 2024

Desk shortage holds back the ‘return to office’...

December 27, 2024

How to Buy a PC Monitor in the...

September 13, 2022

UK risks losing AI leadership without a national...

October 7, 2024

Mars to buy Hotel Chocolat to help expansion...

November 16, 2023

CBI Under Fire for Using Gagging Clauses Amid...

March 27, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025
    • White House urges Iran to accept nuclear deal as IAEA reports uranium enrichment spike

      June 1, 2025
    • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

      May 31, 2025
    • Iran condemns Austria over report on advanced nuclear weapons program

      May 31, 2025
    • Michelle Obama facing backlash over claim about women’s reproductive health

      May 31, 2025
    • Hamas agrees to release 10 more hostages

      May 31, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,453)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved