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
TL;DR
- The EU is concerned about President Trump's potential ban on US diesel exports, stating it would negatively impact both the US and Europe.
- President Trump is reportedly considering a 90-day export ban to address record-high US diesel prices before the midterm elections.
- US diesel exports have made up a third of Europe's imports this year, with the US supplying about half by August.
- A ban could be 'devastating' for Europe, forcing buyers to compete for limited global cargoes and driving up prices.
- The UK, with its reduced refining capacity, would be particularly vulnerable to losing US diesel supplies.
- While domestic production ensures Europe won't run dry, competition for remaining global supplies would increase prices.