EU spokesman says 27-nation bloc, which already buys most US oil and fuel exports, open to talks with president-elect.
Donald Trump has threatened to levy tariffs towards the European Union if the bloc doesn’t purchase extra oil and fuel from america, within the latest economic warning from the US president-elect earlier than his inauguration subsequent month.
In a quick put up on his Reality Social platform, Trump mentioned he instructed the EU “that they need to make up their super deficit with america by the big scale buy of our oil and fuel”.
“In any other case, it’s TARIFFS all the best way!!!” he wrote.
Trump, who takes workplace on January 20, has already threatened to impose steep tariffs on a few of Washington’s high buying and selling companions, which might ship shockwaves throughout the worldwide economic system.
He mentioned final month that he deliberate to slap 25-percent tariffs on Canada and Mexico if the 2 international locations didn’t do extra to stem irregular migration and drug trafficking throughout their borders with the US.
Trump additionally threatened an additional 10-percent tariff on China, the nation’s high geopolitical rival.
Replying to questions on Trump’s risk on Friday, an EU spokesman mentioned the 27-nation bloc was open to talks, noting that the US additionally loved “a considerable commerce in providers surplus vis-a-vis the EU”.
“We’re prepared to debate with President-elect Trump how we are able to additional strengthen an already robust relationship, together with by discussing our widespread pursuits within the vitality sector,” Olof Gill mentioned throughout a information convention.
The EU is already shopping for the lion’s share of US oil and gas exports, in response to US authorities knowledge, and no further volumes are at the moment out there until america will increase output or volumes are rerouted from Asia, one other huge client of US vitality.
In response to US figures, items imports from the EU have been $553.3bn in 2022 whereas its exports to the bloc totalled $350.8bn.
That places the US goods trade deficit with the EU at $202.5bn that 12 months.
Reporting from Brussels on Friday, Al Jazeera’s Jonah Hull mentioned Trump’s tariffs risk has cemented a concern in European capitals “of a potential commerce conflict” with the US.
“What a commerce conflict with the US would possibly do to already anaemic EU economies and certainly the political prospects of leaders in these [European] capitals” are additionally main questions, Hull reported.
The 27 EU member states additionally wouldn’t have a “concerted and agreed plan of assault”, he mentioned.
“Do they, as an example, agree to purchase but extra oil and fuel? They’ve mentioned they’re keen to already anyway,” Hull mentioned.
“Or do they put together a set of retaliatory tariffs as they did throughout the first Trump administration? Or maybe a mix of the 2 to attempt to strengthen their hand in negotiations?”
This month, the EU concluded a massive trade deal with 4 South American international locations – Argentina, Brazil, Paraguay and Uruguay – which goals to create a free-trade space that may embody 700 million clients.
European Fee President Ursula von der Leyen had mentioned the settlement would construct commerce bridges as “robust winds are blowing in the other way, in the direction of isolation and fragmentation” – feedback largely seen as a nod to Trump’s threats to hike tariffs.
Some analysts have mentioned the US president-elect’s tariff threats might be bluster or a gap shot for leverage in future commerce negotiations when he comes into workplace.
However Trump has regularly insisted that “correctly used” tariffs can be constructive for the US economic system.
“Our nation proper now loses to everyone,” he instructed reporters this week. “Tariffs will make our nation wealthy.”
