U.S. President-elect Donald Trump delivers remarks at Mar-a-Lago in Palm Beach, Florida, U.S., December 16, 2024.
Brian Snyder | Reuters
U.S. President-elect Donald Trump on Friday told the European Union it must reduce its trade gap with the U.S. through oil and gas purchases or face tariffs.
“I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way,” Trump posted on his Truth Social platform shortly after 1:08 a.m. ET.
According to U.S. figures, the country’s goods and services trade deficit with the European Union was $131.3 billion in 2022. The U.S. was the biggest recipient of EU goods in 2023, accounting for 19.7% of its exports.
Trump made threats of sweeping tariffs on U.S. trading partners including China, Mexico and Canada a signature part of his presidential campaign — and he’s continued the narrative as he prepares to enter office.
CNBC has contacted the European Union for comment.
This breaking news story will be updated shortly.
