Macron says he pressed Trump not to ban diesel exports

French President Emmanuel Macron stated on Thursday that he advised U.S. President Donald Trump against implementing a 90-day ban on diesel exports. Speaking in a prime-time interview, Macron emphasized that the decision would negatively impact not only the global economy but also the U.S. economy. The U.S. is currently the largest exporter of diesel, and removing this supply from global markets would have significant repercussions, especially considering the ongoing conflict in the Middle East.

Macron also highlighted that Europe has increased its diesel purchases from the U.S. to compensate for the lost supply due to the Strait of Hormuz. The EU now imports more than half of its diesel from the U.S. Macron recently announced plans to hold a G7 meeting to discuss the release of strategic oil stocks and held talks with hydrocarbon exporters to secure alternative supplies.

In Thursday's interview, Macron announced that France would deploy military forces to protect the Saudi port city of Yanbu, which regularly ships over 5 million barrels of oil daily, after it was attacked by Tehran-backed Houthi rebels in Yemen. Macron has also pushed for the EU to relax fuel and methane emission rules to combat soaring energy prices.

Despite these efforts, diesel prices in France and the rest of Europe have reached record highs this week, as reported by Agence France-Presse. France's limited fiscal space makes it difficult to provide further relief, as the country grapples with anemic growth, a high budget deficit, and substantial debt. Prime Minister Sébastien Lecornu announced a proposed €54 billion budget cut to address the deficit.