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  • D. Trump threatens tariffs if EU does not buy more oil and gas
  • D. Trump has threatened to impose tariffs on US trading partners, including Canada, Mexico and China
  • Trump's tariffs could be a bluff?
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D. Trump
D. Trump. ELTA

D. Trump threatens tariffs if EU does not buy more oil and gas

On Friday, US President-elect Donald Trump threatened the European Union with tariffs if the bloc does not reduce its "enormous" trade gap with Washington in oil and gas purchases.

"I have told the European Union that it must make up for its huge deficit with the United States by buying our oil and gas in large quantities," Trump said on his Truth Social platform early on Friday morning.

"Otherwise, TARIFFS await!!!"

According to US data, imports of goods from the EU amounted to $553.3 billion in 2022, while exports to the bloc amounted to $350.8 billion.

This means that the US had a trade deficit in goods with the EU of $202.5 billion.

D. Trump has threatened to impose tariffs on US trading partners, including Canada, Mexico and China

Trump, who will take office in January, has threatened to impose tariffs on US trading partners, including Canada, Mexico and China, which could have repercussions for the entire global economy.

Accusing Canada and Mexico of allowing the United States to be flooded with illegal drugs and undocumented migrants, he has announced tariffs of 25% on imports and promised to impose tariffs of at least 10% on China, Washington's rival in the Asia-Pacific region.

Canada, Mexico and China are the three largest trading partners of the US.

At the beginning of this month, the European Union concluded a major trade agreement with four South American countries - Argentina, Brazil, Paraguay and Uruguay. The agreement aims to create a free trade area with 700 million consumers.

European Commission chief Ursula von der Leyen said the agreement would build trade bridges at a time when "strong winds are blowing in the opposite direction - isolation and division". These comments are seen as a reference to Trump's threats to increase tariffs.

Trump's tariffs could be a bluff?

Some analysts have speculated that Trump's tariffs could be a bluff that he will use as leverage in future trade negotiations once he is in office.

However, Trump himself has consistently claimed that tariffs, "used properly", would benefit the US economy.

"Our country is currently losing out to everybody," he told reporters at his residence in Florida earlier this week. - Tariffs will make our country rich."

Based on ELTA reports