Countries that fear trade surpluses with the United States could lead to tariffs have found an unexpected ally in President Donald Trump: American fuel. Recently, Trump suggested that if the European Union increased its purchases of U.S. energy, the trade deficit between the two would “disappear easily and quickly.” He has also encouraged other nations, including India and the Philippines, to buy more American liquefied natural gas (LNG).
Scott Bessent, the Secretary of the Treasury, has been working to get Japan, South Korea, and Taiwan involved in a large LNG project in Alaska. He wants these countries to invest in the project and commit to buying a significant amount of the gas produced there. This push for increased American fuel purchases could be a strategic move to balance trade relationships and avoid hefty tariffs.
