US Threatens Tariffs Unless Europe Increases Oil and Gas Imports

US President-elect Donald Trump has threatened the European Union with tariffs if the bloc does not increase its purchase of oil and gas from the US. Trump's threat comes after the EU's trade deficit with the US reached $131.3 billion in 2022. Trump has stated that the EU must make up its deficit with the US, warning that otherwise, "it is TARIFFS all the way!!!" The EU has responded by saying it is open to talks with Trump, but has not yet commented on the specific terms of a potential trade deal. The US is the world's largest producer of oil and has emerged as the biggest supplier of liquefied natural gas (LNG) to the EU. Trump's threat of tariffs has reignited fears of a looming trade war between the US and the EU.