The next president said he would impose tariffs on European imports unless the EU sharply increased its purchases of US gas and oil.
The president has already promised to increase import duties on China, the country with the largest US trade deficit. To support US manufacturing, he has also imposed new tariffs on allies such as Canada, Mexico, and Europe.
The 2023 trade deficit is 102 billion euros ($106 billion), with the country’s largest trade imbalance with the EU being in machinery and automobiles. Nevertheless, the US and the EU had a 70 billion euro surplus in energy trade.
The US is the world’s largest oil producer and supplied 22% of the world’s oil in 2023, according to the US Energy Information Administration. The EU has indicated that it will import more energy from the US in the coming years.
