EU says Trump plan to ban US diesel exports would ‘negatively impact both sides’
US president’s suggested 90-day export ban before midterm elections could bring even higher fuel prices across Europe Business live – latest updates The EU has warned Donald Trump against plans to ban US diesel exports to the global market, saying the move would negatively affect Europe and the US. The European Commission has reacted with “concern” to reports this week that the US president could…
The European Union has expressed concern over potential plans by US President Donald Trump to ban US diesel exports to the global market, warning that such a move would negatively impact both the US and Europe. Trump is considering a 90-day export ban aimed at providing temporary relief from high pump prices for US households ahead of the midterm elections, as US diesel reached a record average of $6.52 (£4.93) per gallon.
The EU's executive body expressed concern that any disruption to the diesel market would negatively impact both sides and expected that close partners would consult each other before taking measures that affect shared markets. While Europe produces about 70% of the diesel it consumes domestically and stores fuel reserves to mitigate shortages, it still heavily relies on US diesel imports, which have made up a third of the continent's imports this year.
Should the ban be implemented, traders are concerned that global market competition could lead to higher diesel prices, particularly with the Middle East and India supplying limited cargoes. The European Commission noted ongoing high-level contacts between the EU and US administration to address this issue.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
