US tells European allies to ‘immediately’ act to lower diesel prices

In a bid to alleviate fuel costs, the United States is urging its European allies to take immediate action, such as releasing strategic reserves, according to President Donald Trump. On Thursday, US Treasury Secretary Scott Bessent tweeted that European partners must accelerate deliveries and make additional supplies available to address ongoing disruptions.

EU member states will convene with the European Commission on Friday to discuss a coordinated response to surging fuel prices. Reports suggest that the Trump administration is particularly targeting France and Germany to tap their strategic reserves of diesel, aiming to curb prices driven by the US war on Iran. This pressure comes as high energy costs threaten to impact Trump's Republican party in the upcoming midterm elections.

At a G20 trade talks in Milwaukee, US Trade Representative Jamieson Greer expressed a willingness to collaborate with Europe on the diesel issue. However, EU Trade Chief Maros Sefcovic warned that any ban on diesel exports by the US would have "very dramatic consequences" for European economic performance. France's Minister Delegate for International Trade, Nicolas Forissier, dismissed the possibility of a ban, emphasizing the importance of diesel to both the US and European countries.

Fuel prices have risen more than 70% since the onset of the Iran war, reaching an average of $6.39 per gallon in the US, exacerbating living costs and fueling concerns about potential losses in congressional control for Trump's party in the November elections.