As Donald Trump prepares to take office in January 2025, experts in trade and investment are weighing up the potential impact of his policies.

WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump on Friday added the 27 countries that make up the European Union to the list of trade partners he’s threatening with tariffs — unless the group takes steps to import more U.S. goods.

President-elect Donald Trump doubled down on his tariff threats Thursday night, pledging to raise tariffs on European Union nations unless they increase their purchases of American oil and gas to narrow the trade gap with the United States.

The incoming president promised “tariffs all the way” unless Europe bought more U.S. oil and gas. European officials have no clear strategy for avoiding a trade war.

While the Inflation Reduction Act (IRA) is reshoring solar manufacturing in the United States, raising import tariffs may slow momentum. The actions of the incoming Trump administration are tough to forecast at this point.

After announcing a 25 percent tariff on the U.S. largest trading partners, Canada and Mexico, and threatening to increase tariffs on China, Trump has now targeted the E.U. “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.

U.S. President-elect Donald Trump said he warned the European Union to address its trade gap with the U.S. by increasing oil and gas purchases or face tariffs. Trump posted on Truth Social, emphasizing tariffs if the EU fails to act.