President of the European Commission Ursula von der Leyen speaks during a press conference following the European Council meeting at the EU headquarters in Brussels on December 19, 2024. (Photo by JOHN THYS / AFP)

Washington, United States — US President-elect Donald Trump on Friday threatened the European Union with tariffs if the bloc does not reduce its “tremendous” trade gap with Washington through oil and gas purchases.

“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,” Trump said in a post on his Truth Social platform in the early hours of Friday.

Article continues after this advertisement

“Otherwise, it is TARIFFS all the way!!!”

FEATURED STORIES BUSINESS Trump threatens tariffs if EU doesn't buy more oil, gas BUSINESS Percentage of Filipinos with savings dips to over 3-year low BUSINESS Fitch Ratings sees further growth in PH Islamic financing

According to US figures, goods imports from the EU were $553.3 billion in 2022, while its exports to the bloc were $350.8 billion.

Department of Environment and Natural Resources (DENR) Undersecretary for Integrated Sciences Carlos Primo David during a forum organized by the Chamber of Mines of the Philippines (COMP) said the DENR rolled out a digital application process in three regions of the country.

Philex Mining president and CEO Eulalio Austin Jr. said they have an application to explore a nickel tenement adjacent to the firm’s site in Zambales.

This puts the US goods trade deficit with the EU at $202.5 billion that year.

Article continues after this advertisement

READ: Germany urges EU to prepare for Trump tariffs

Article continues after this advertisement

EU chief Ursula von der Leyen had already suggested to Trump in November that the United States could supply more liquefied natural gas to the bloc to replace Russian energy.

Article continues after this advertisement

Replying to questions on Trump’s threat on Friday, an EU spokesman said the 27-nation bloc was open to talks, noting that the US also enjoyed “a substantial trade in services surplus vis a vis the EU”.

“We are ready to discuss with President-elect Trump how we can further strengthen an already strong relationship, including by discussing our common interests in the energy sector,” EU spokesman Olof Gill told a press briefing.

Article continues after this advertisement

Trump, who takes office in January, has made sweeping threats of slapping tariffs on US trading partners — including Canada, Mexico and China — which could send reverberations across the global economy.

Accusing Canada and Mexico of allowing the United States to be flooded with illicit drugs and undocumented migrants, he had threatened a 25-percent import tariff, while vowing at least 10 percent against China, Washington’s Asia-Pacific rival.

vegas777

Earlier this month, the European Union concluded a massive trade deal with four South American countries — Argentina, Brazil, Paraguay and Uruguay — which aims to create a 700-million-customer free-trade area.

Von der Leyen had said the agreement would build trade bridges as “strong winds are blowing in the opposite direction, towards isolation and fragmentation” — comments largely seen as a nod to Trump’s threats to hike tariffs.

Some analysts have said Trump’s tariff threats could be bluster, or an opening shot for leverage in future trade negotiations when he comes into office.

But Trump has continually insisted that “properly used” tariffs would be positive for the US economy.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

“Our country right now loses to everybodyspinph,” he told reporters at his Florida residence earlier this week. “Tariffs will make our country rich.”

READ NEXT EU, Swiss hail ‘historic’ new deal resetting relat... Fitch Ratings sees further growth in PH Islamic financing EDITORS' PICK Miss Universe Asia Chelsea Manalo gears up for two parades this weekend PBA: Magnolia slips past NLEX to end four-game slide Trinity Rodman says relationship with father Dennis Rodman is strained How to use the eGov app for easy Pinoy government services Wet, rainy Friday in many parts of PH Contractual, job-order gov’t workers to receive gratuity pay – Marcos MOST READ Comelec junks petition to disqualify Quiboloy in 2025 polls Dominic Roque confirms he and Sue Ramirez are dating 6 officials promoted in PNP revamp PBA: Magnolia slips past NLEX to end four-game slide Follow @FMangosingINQ on Twitter --> View comments