San Diego, CA
‘Tariffs all the way': Trump says European Union must buy U.S. oil and gas in trade ultimatum
- U.S. President-elect Donald Trump said he told the European Union it must reduce its trade gap with the U.S. through oil and gas purchases or face tariffs.
- Enrico Letta, former prime minister of Italy, told CNBC’s “Squawk Box Europe” on Friday that the EU needed to be prepared to retaliate to Trump’s threat.
- Donald Trump made threats of sweeping tariffs on U.S. trading partners a key part of his presidential campaign.
U.S. President-elect Donald Trump on Friday said he 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 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.
A senior EU diplomat, who did not want to be named due to the sensitivity of the topic, told CNBC’s Silvia Amaro that they were not surprised by Trump’s comment Friday and that energy was a “good option” for buying more U.S. goods.
Another EU official, who also did not want to be named for the same reason, told Amaro that German Chancellor Olaf Scholz spoke with Trump last night.
The comment comes after EU heads of state held their final meeting of the year on Thursday, during which the topic of Europe-U.S. relations was discussed.
“The message is clear: the European Union is committed to continue working with the United States, pragmatically, to strengthen transatlantic ties,” European Council President António Costa said following the meeting.
Trump has 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, despite economists warning of risks to domestic inflation.
Analysts say there is high uncertainty over the extent of the tariffs Trump will be willing — or able — to follow through with, and how much of his rhetoric is a starting point for striking deals.
Enrico Letta, former prime minister of Italy and dean of the IE School of Politics, Economics and Global Affairs, told CNBC’s “Squawk Box Europe” on Friday that the EU needed to be prepared to retaliate to Trump’s threat.
“I think it is a transactional approach, we have to respond to this transactional approach. [Trump] mixes together energy and tariffs on goods, manufacturing and so on. I think it’s incorrect because the two topics are completely different,” Letta said.
“If the deal is proposed by Trump — such an asymmetric deal on topics that are not linked one to the other — I think we have to do the same.”
“Considering that the most asymmetric part is the relationship on the financial side, we have to start considering that maybe replying on the financial side could be a solution,” he said.
The U.S. is the biggest recipient of EU goods, accounting for nearly a fifth of the bloc’s exports. The U.S.’s biggest trade deficit with the EU is in machinery and vehicles, with the gap totalling 102 billion euros ($106 billion) in 2023. In energy, Washington had a trade surplus with the European bloc worth 70 billion euros.
The U.S. is the world’s top oil producer and accounted for 22% of global supply in 2023, according to the U.S. Energy Information Administration, which predicts record crude oil production in 2024. Producers anticipate even higher supply levels in a deregulatory environment under Trump.
The EU has already indicated it is expecting to purchase more U.S. energy in the coming years. Last month, European Commission President Ursula von der Leyen told reporters that replacing Russian liquefied natural gas (LNG) imports with U.S. volumes would be cheaper, and that the EU would look to engage and negotiate on the matter when Trump takes office in 2025.
Ahead of the U.S. election in November, EU officials spent months preparing for a lurch toward U.S. protectionism and for a more confrontational relationship with the White House, in the event of a Trump victory. The EU has also made moves toward strengthening its relationship with the U.K., which left the bloc in 2020, as a guard against potential clashes over trade and defense.
European stock markets were sharply lower on Friday morning, while the euro strengthened 0.2% against the U.S. dollar to $1.038.
CNBC has contacted the European Commission for comment on Trump’s remarks.
San Diego, CA
Church Stabbing; Liquid Meth Seizure; Starvation Death Conviction: San Diego County Crime Log
SAN DIEGO, CA — Here is a collection of this week’s police, fire and courtroom stories from across San Diego County.
City Heights Parents Convicted Of Murder For 3-Month Old’s Starvation Death
Copeland and Ucman, who were 21 and 22 years old at the time of the baby’s death, were tried this year in one trial by two separate juries.
Find out what’s happening in San Diegofor free with the latest updates from Patch.
Ex-La Mesa Math Teacher Sentenced For Sex Crime Involving Underage Student
Michael Davis, 35, who taught at The Learning Choice Academy in La Mesa, was arrested last year.
Find out what’s happening in San Diegofor free with the latest updates from Patch.
El Cajon Church Bishop Jailed On Embezzlement Charges
The regional law enforcement agency released no details on the circumstances that led to the allegations.
Man Injured After Pursuit In Stolen Jeep Ends In Crash In East County
Jesus Tizoc-Ocon, 18, suffered serious injuries and was taken to a hospital, according to the San Diego County Sheriff’s Office.
The trucker died at the scene of the crash, officials said.
Multi-Vehicle Crash Snarls Traffic On I-5 Near Carlsbad
Traffic on southbound Interstate 5 was heavily congested from state Route 78 to Cannon Road, according to the CHP.
Motorcyclist Seriously Injured In Suspected DUI Crash With Truck In Santee
A bystander and deputies provided first aid and applied a tourniquet to the rider to control bleeding.
Pedestrian Killed While Trying To Cross Highway In Oceanside: Police
The driver of the vehicle remained at the scene and cooperated with law enforcement, officials said.
Coast Guard Stops Boat With 14 Suspected Migrants Off San Diego
The panga-style vessel was stopped about 10 miles southwest of Point Loma, according to USCG officials.
Man Seriously Injured In Stabbing In Downtown Carlsbad
The suspect remains at large.
Boyfriend Arrested In Death Of Woman Found In San Diego Apartment
Officers reported seeing blood in several areas throughout the apartment.
Federal Jury Convicts Ex-San Diego County Deputy In Detainee’s Fatal Shooting
The trial was Aaron Russell’s second in federal court in connection with the shooting.
Man Accused Of Stealing Over $4K From Kohl’s Stores In San Diego County
Detectives found large quantities of stolen clothing when they searched his home and vehicle, according to the sheriff’s office.
Video Footage Of Non-Fatal La Presa Police Shooting Released
Officer Henry Ingram Jr. of the San Diego Police Department opened fire on Edwaun Walter Thames, 39.
Woman Airlifted To Hospital After Crash On 5 Freeway While She Changed A Tire
The woman was reportedly changing a tire on her car on the right shoulder when a pickup truck struck either her or her car, the CHP said.
Biker Suffers Fractured Femur In Crash With Vehicle In San Diego
A motorcyclist suffered a fractured femur during a crash with a vehicle in the Hillcrest community, authorities said.
E-Bike Rider Struck By Car In San Diego
He was taken by ambulance to a hospital, where he was treated for fractures to his vertebrae, jaw, multiple ribs and left wrist.
Man Fatally Struck By Hit-And-Run Vehicle In San Diego
The victim was also struck by a second vehicle and that motorist stayed at the scene to cooperate with officers, police said.
Police Investigate Church Stabbing In San Diego
A suspect believed to be in his late 20s was detained at the scene, then taken into custody without further incident, police reported.
San Diego Central Jail Inmate’s Death Ruled Accidental OD
The Sheriff’s Homicide Unit responded and was conducting an investigation.
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Remarkably, the San Diego State Aztecs can still win a share of the Mountain West title despite losing four of their last five games.
SDSU (19-10, 13-6) needs to beat UNLV (16-14, 11-8) on Friday night in its home finale and then have New Mexico win at Utah State on Saturday for a three-way tie.
The Aztecs had their destiny in their hands less than a week ago, but then lost at New Mexico (13-6) on Saturday and then again at Boise State on Tuesday night, pretty much snuffing out their NCAA Tournament at-large bid chances and apparently ending their hopes at the MW title in their final season in the conference.
But then Utah State (14-5) was routed at UNLV and New Mexico lost at home to Nevada, setting up the possibility of a three-way tie. It’ll be moot, however, if the Aggies beat the Lobos, which will give them the title outright and the No. 1 seed in next week’s conference tournament in Las Vegas.
That’s life in the MW, which the Aztecs and Aggies are leaving after this season to join the new-look Pac-12, along with Boise State, Fresno State and Colorado State.
The big picture
The Aztecs were voted the unanimous preseason favorite to win the regular-season title, based on a loaded roster under coach Brian Dutcher, including the return of Miles Byrd and Magoon Gwath after pulling out of the NBA Draft, and Reese Dixon-Waters after missing last year with a foot injury.
But it’s been a rough go from almost the start, when a rough showing in the non-conference schedule put them on the bubble for an at-large NCAA Tournament berth.
They started to find themselves early in league play by running off a seven-game losing streak, but then lost consecutive games at Grand Canyon and Utah State. Their current skid includes a surprising home loss to Grand Canyon and then a startling road loss to Colorado State.
They routed Utah State at home last week before losing at New Mexico on Saturday and then being routed at Boise State on Tuesday night, when they were outrebounded 37-15.
The last three games were all Quad 1 opportunities in the NCAA NET Rankings, but going 1-2 in those games further hurt their already weak chances at an at-large tourney berth. Those rankings are used by the NCAA Tournament Selection Committee as the primary sorting tool for selection and seeding for March Madness.
Now they’ll almost certainly have to win three games in three days at the MW tournament to claim the automatic bid to reach March Madness for the sixth straight year.
Key facts
The Aztecs will be facing UNLV for the final time in the regular season, as the Runnin’ Rebels will be remaining behind in the MW.
The teams will meet for the 86th time overall, with the Aztecs leading the series 45-40. SDSU is 21-14 against the Runnin’ Rebels in San Diego and 18-8 on Steve Fisher Court.
Below is a look at how to watch UNLV at San Diego State
How to watch UNLV at San Diego State
Date: Friday, March 6
Game time: 7 p.m. PT
Where: Viejas Arena | San Diego
How to watch: CBS Sports Network
How to listen: San Diego Sports 760 (local)
On Thursday, the average price of a gallon of self-serve regular gasoline in San Diego County recorded its largest increase since Sept. 28, 2023, rising 8.7 cents to $4.894, its highest amount since Nov. 13.
The average price has increased 15 consecutive days, rising 28.7 cents, including 7 cents on Wednesday, according to figures from the AAA and Oil Price Information Service. It is 22.4 cents more than one week ago, 38.6 cents higher than one month ago and 14.5 cents greater than one year ago.
The average price has dropped $1.541 since rising to a record $6.435 on Oct. 5, 2022.
“Gas prices are rising primarily due to a recent surge in crude oil following strikes on Iran by the U.S. and Israel,” Kandace Redd, the Automobile Club of Southern California’s senior public affairs specialist, told City News Service. “Any conflict with Iran can send oil prices higher, as Iran is a major oil producer and about a fifth of the oil consumed globally travels through the Strait of Hormuz between Iran and Oman.
“Gas prices are increasing because of seasonal factors too. Refineries are beginning the switch to more expensive summer-blend fuel, and demand is picking up as we head into the spring break season with more people on the road.”
The national average price rose 5.3 cents to $3.251, its highest amount since Sept. 11, 2024. It has risen five consecutive days, increasing 26.9 cents, including 8.9 cents on Wednesday.
The national average price is 26.8 cents more than one week ago, 36 cents higher than one month ago and 14.4 cents greater than one year ago. It has dropped $1.765 since rising to a record $5.016 on June 14, 2022.
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