Trump puts pressure on the EU: Oil and gas imports in focus

Donald Trump, the designated US President, demands that the European Union purchase US oil and gas on a large scale; otherwise, he threatens extensive tariffs. Trump conveyed this message on his social media platform, Truth Social. This is necessary, according to Trump, to offset the significant deficit the EU has with the US. Previously, the EU had indicated a desire to purchase more liquefied natural gas (LNG) from the US. The background is the reduced inflow of fossil fuels from Russia since its extensive invasion of Ukraine. The President of the European Commission, Ursula von der Leyen, mentioned in November the possibility of considering the supply of affordable US gas as an alternative to reduce energy prices. Trump's threat is not a surprise to many observers, as he had already attempted in the past to secure trade advantages for the US through similar measures. Even during his first term, he threatened trade conflicts that were to be mitigated by additional import purchases of US gas. Recent oil price developments reflect the uncertainties. The international oil benchmark Brent crude recently fell by 0.4 percent to 72.61 dollars per barrel, and West Texas Intermediate futures dropped by 0.4 percent to 69.14 dollars per barrel. Analysts from the Brussels think tank Bruegel recommend that the EU respond to any US tariffs with credible countermeasures.