7 July
EU hesitates on high US gas costs amid trade tensions — Politico
As US President Donald Trump insists Europe increase its spending on American gas by $350 billion, the European Union plans to lower its gas storage targets from 90% to 80% to curb expenses. Meeting this US demand could potentially resolve tariff disputes between the transatlantic allies, Politico reports.
The seven largest EU member states endorse the reduction in gas storage goals, contending that higher requirements necessitate purchasing costly US gas during periods of peak prices.
The situation is further complicated by Trump's recently imposed tariffs on EU exports, Politico notes. Heightened trade tensions could diminish industrial output and fuel consumption in Europe. Despite the EU's reliance on American gas and its efforts to initiate negotiations, US officials remain steadfast.
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