Donald Trump threatened to impose import tariffs on the European Union if the member states of the country bloc stopped buying American oil and gas.
He did this in a post on his social media platform, Truth Social. The United States is the largest producer of crude oil and the largest exporter of liquefied natural gas (LNG).
“I have told the European Union that they must make up for their enormous trade deficit with the United States by buying our oil and gas on a large scale. Otherwise, there will be IMPORT TARIFFS!!!” he wrote in his message.
Trump has previously threatened import tariffs, not only for the EU but also for countries such as China, Mexico and Canada. The threats are mainly aimed at countries that export more to the US than they import.
Trump’s threats have raised fears of a global trade war, as higher import duties could lead to retaliatory measures. European Central Bank President Christine Lagarde called on the EU to negotiate with the president-elect instead of immediately introducing countermeasures.