President-elect Donald Trump has threatened the European Union with tariffs if its member countries don’t buy more American oil and gas.
Ian de Verteuil, equity strategist at CIBC Capital Markets , discusses how Trump’s tariff threats could impact the 2025 market outlook.President-elect Donald Trump warned the Europe an Union that its exports will get hit with US tariffs if its member states don’t buy more American oil and gas.
The euro traded 0.3% stronger at $1.0398 Friday in a sign investors believe the bloc will be able to meet his demands and avoid punitive measures. “We are well-prepared for the possibility that things will become different with a new US administration,” German Foreign Minister Annalena Baerbock said after a Group of Seven meeting in Italy in late November. “If the new US administration pursues an ‘America first’ policy in the sectors of climate or trade, then our response will be ‘Europe united.’”
The US is already Europe’s biggest provider of LNG, but imports from Russia remain solidly in the second spot. EU officials are looking for ways to curb Moscow’s role as the war in Ukraine continues, even while Russian pipeline gas and LNG are largely outside of the scope of sanctions.
Shipments are now holding steadily up around the 2 million-barrels a day mark, exceeding flows from countries including Saudi Arabia, west Africa and elsewhere. US barrels have also become increasingly important in setting Dated Brent, the world’s key price for determining physical market transactions.
The EU also adopted a so-called foreign subsidies regulation, which allows the commission to prevent foreign companies that receive unfair state handouts from participating in public tenders or merger-and-acquisition deals in the bloc, among other measures.
Pacific Rim Top Asia Pacific Rim Business Markets Company News Elections Europe Top Europe France General Germany Government North America Energy Oil Politics Top News Unites States World Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mexico Suggests It Would Impose Its Own Tariffs To Retaliate Against Trump Tariffs“One tariff would be followed by another in response, and so on until we put at risk common businesses,” Mexican President Claudia Sheinbaum said.
Read more »
Mexico suggests it would impose its own tariffs to retaliate against any Trump tariffsMEXICO CITY (AP) — President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own, after U.S.
Read more »
Mexico suggests it would impose its own tariffs to retaliate against any Trump tariffsMEXICO CITY (AP) — President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own, after U.S.
Read more »
Loonie tanks after Trump threatens tariffs on Canadian goodsThe Canadian dollar fell to its lowest level since May 2020 after Donald Trump threatened to impose tariffs on Canadian goods shipped to the United States once he takes office in January.
Read more »
Ontario Premier Threatens Energy Cuts if Trump Imposes TariffsOntario Premier Doug Ford warns President-elect Donald Trump that Canada may retaliate with energy cuts if he follows through with proposed tariffs on Mexican and Canadian goods. Ford argues that a trade war would primarily benefit China, while harming Ontario's economy, particularly its automotive sector.
Read more »
Loonie falls to lowest since 2020 after Trump threatens tariffs on Canadian goodsThe Canadian dollar fell to its lowest level since May 2020 after Donald Trump threatened to impose tariffs on Canadian goods shipped to the United States once he takes office in January.
Read more »