Connect with us

San Diego, CA

‘Tariffs all the way': Trump says European Union must buy U.S. oil and gas in trade ultimatum

Published

on

‘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.

Advertisement

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.

Advertisement

“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.

Advertisement

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.

Advertisement



Source link

San Diego, CA

Feeding San Diego explains the impact of high gas prices on fueling fleet & food rescue

Published

on

Feeding San Diego explains the impact of high gas prices on fueling fleet & food rescue


SAN DIEGO (KGTV) – Gas prices in San Diego County have dipped slightly this week.

But the costs it takes to fill up a fuel tank are getting quite pricey for some food banks.

“We kind of have a triple whammy going on with the fuel situation,” Patty O’Connor, Chief Operating Officer for Feeding San Diego, said.

O’Connor said the first big hit with the current gas prices is bringing the food into Feeding San Diego’s food distribution center.

Advertisement

“We bring about 2 million pounds a month here, and a lot of that is, most of that is rescued food, but we still have to pay for the freight that cost us over $100,000 last month just in freight to bring that in,” O’Connor said.

The organization also sends that food out to the community by truck and by van.

“Every day you’ll see our bright orange trucks going out into the community. We do about 25 deliveries a day, but about 480 over the course of a month, and if you can imagine that costs a lot of money,” O’Connor said.

“In fact, last month, that cost us about $32,000 in just fuel costs. We rely on diesel fuel, and that was twice as much as it was a year ago.”

It’s not only more expensive to fuel the trucks delivering the food, but it’s also more expensive to keep what’s inside them cool.

Advertisement

“And then when we’re loading and unloading, we need to make sure that the trucks are running so that we can keep the food food-safe. So that’s a whole other part of this process that we are managing,” O’Connor said.

Feeding San Diego told ABC 10News they’ve heard from some partners that are on the food rescue side of things that it’s more expensive to drive to pick up those products. So they’ve been able to give some of those partners gas cards to pay for their gas to get food to the community that needs it.

“We look to the community to support us, and so far, um, San Diegans are generous, and they have been generous, and we really do need to continue that generosity so that we can support the struggling families throughout the county,” O’Connor said. “And whatever we can do to support those families, we are going to do so.”





Source link

Advertisement
Continue Reading

San Diego, CA

Daily Business Report: May 14, 2026, San Diego Metro Magazine

Published

on

Daily Business Report: May 14, 2026, San Diego Metro Magazine


Gloria relents on December Nights, some community cuts in budget revise, but arts funds still on chopping block

by City News Service | Times of San Diego

Some library and recreation center hours and December Nights support were restored in Mayor Todd Gloria’s revised Fiscal Year 2027 Budget Wednesday, but city funding for the arts could still be gutted.

Gloria was joined by civic leaders Wednesday morning to announce changes to his initial proposed budget, released last month. He added “targeted protections” of certain neighborhood priorities and maintained police and fire service levels while arriving at a balanced budget.

Advertisement

Proposed additions include protecting rec center and library hours in Council Districts 4, 8 and 9, represented by Henry L. Foster III, Vivian Moreno and Sean Elo-Rivera, respectively.

Read more

The Learning Curve: He’s San Diego Unified’s Next Trustee – No Race Needed

By Jakob McWhinney | Voice of San Diego

The primary is still nearly a month away. The general election is even further out. Still, it’s already clear that Hayden Gore will be San Diego Unified’s next trustee. That’s because he’s running unopposed to fill the seat left open by current Trustee Cody Petterson, who opted not to run for re-election.

Advertisement

Though he’s a political newcomer, Gore was the early choice of San Diego Unified’s union. In fact, he was recruited by the former president of the San Diego Education Association to run for the seat.

It’s not hard to see why. He’s an avowed progressive and a longtime educator who led the then-newly formed union at High Tech High to its first contract. Exactly the kind of resume that would have SDEA champing at the bit.

Read More

Join Us Friday, July 17, 2026 for the 11th Annual USD School of Law – RJS LAW Tax Institute

By RJS Law

Advertisement

The Institute is the premier annual tax event in San Diego. The region’s top tax attorneys, enrolled agents (EAs), certified public accountants (CPAs), law and business school professors will discuss topics including government loan relief and abuses, challenges in cross-border transactions, and practical and realistic solutions in trust, estate planning, and tax matters.

DATE AND TIME

Friday, July 17, 2026 from 8:00 a.m. to 7:30 p.m.

LOCATION

Joan B. Kroc Institute for Peace and Justice, Theatre

Advertisement

5555 Marian Way, San Diego, CA 92110

EVENT STATUS

Open to the Public

Read More



Source link

Advertisement
Continue Reading

San Diego, CA

San Diego library funding partially restored in mayor’s revised budget proposal

Published

on

San Diego library funding partially restored in mayor’s revised budget proposal


SAN DIEGO (KGTV) – For many families, libraries are a safe space for kids after school and a place to study.

After community outcry, the city is scaling down some of its proposed budget cuts, bringing the original $6.3 million in cuts to libraries down to $4.8 million.

Patrick Stewart, CEO of Library Foundation SD, said the change is a step in the right direction.

“We are very pleased. I think this moves the needle in the right direction.”

Advertisement

Mayor Gloria’s revised budget proposal restores funding focused on youth-centered programs, which includes bringing back library hours in Council Districts 4, 8, and 9 — those in underserved communities.

“This is City Heights and San Isidro, Barrio Logan, and Oak Park, and traditionally, those are smaller branches. And the kids and the families in those communities frankly, they use their library very differently than in a lot of other communities, and it’s a lifeline to them,” said Stewart.

The City Heights library is among those included in the mayor’s revised budget to restore funding. While library officials say this is a good first step, there is still concern about long-term financial challenges.

In order to voice concerns about how deep the cuts go, the Library Foundation has created a way for supporters to express that through postcards. Thousands of cards have been mailed directly to Mayor Gloria and councilmembers.

Stewart said the effort is making an impact.

Advertisement

“They’re seeing that this is hundreds and hundreds of people that are taking this very seriously, so it helps them to know immediately what their community feels like when it comes to these proposed cuts,” he added.

The restored funding would also keep Monday hours at Carmel Valley Library and protect the North Clairemont Library branch from closure.

Library officials remain optimistic as the revised budget heads back to the City Council.

This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.





Source link

Advertisement
Continue Reading
Advertisement

Trending