Trump demands EU buy $350 billion in energy as condition for tariff relief
Photo: US President Donald Trump (Getty Images)
The European Union must commit to purchasing $350 billion worth of American energy to receive tariff relief. US President Donald Trump rejected Brussels’ zero-for-zero proposal on cars, Politico reports.
President Donald Trump said the EU needs to pledge to buy $350 billion in US energy to receive a reprieve from broad tariffs. He made the statement during a press conference at the White House.
That was his response to European Commission President Ursula von der Leyen’s offer to reduce EU tariffs on US cars and industrial goods to zero if Trump agreed to do the same.
According to Trump, the EU’s proposal is insufficient, as there is a significant trade deficit between the two sides that Washington intends to reduce.
"We have a deficit with the European Union of $350 billion and it's gonna disappear fast," he said.
He added that the simplest way is for the EU to commit to energy purchases from the US.
His comments came after the US imposed 20% tariffs on EU goods last week. This caused a drop in stock markets and the biggest decline in European shares since the beginning of the COVID-19 pandemic.
Trump also added that both permanent tariffs and negotiations are possible.
"There can be permanent tariffs and there can also be negotiations, because there are things we need beyond tariffs," he added.
Trump’s new tariffs
On April 2, US President Donald Trump signed an executive order imposing tariffs on imports from over 180 countries. According to the document, certain countries will face reciprocal tariffs ranging from 11% to 48%, while a base rate of 10% will apply to the rest.
On April 4, China announced it would impose a 34% tariff on imported American goods in addition to existing tariffs. These will take effect on April 10.
In response to the US measures, Canada introduced a 25% tariff on American-made vehicles.
Meanwhile, the United Kingdom published a list of 8,000 American products that could be subject to retaliatory tariffs in response to President Trump’s trade policy.
French President Emmanuel Macron also called for a halt to French investments in the United States.
Ukraine was not exempt from Trump’s tariff program, with a 10% base tariff applied to Ukrainian exports. The Ukrainian government noted that while the measure is challenging, it is not critical.
