President-elect Donald Trump has threatened the European Union with tariffs unless it takes steps to reduce the significant trade deficit by purchasing more U.S. oil and gas.
EU Commission spokesman Olof Gill stated that the EU is ready to discuss enhancing their strong relationship with the U.S., especially in the energy sector amidst ongoing diversification efforts.
The stark trade imbalance, with a deficit of $209 billion for the U.S. in 2023, highlights the complexities in negotiating trade terms and commitments with 27 EU member states.
Scott Lincicome noted that Trump's message on European trade is difficult to interpret given the increase in U.S. natural gas exports to Europe after geopolitical shifts from Russia's actions.
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