EU to buy US natural gas instead of Russian energy after Trump win

EU president Ursula von der Leyen said she told US President-elect Donald Trump that the bloc would be up for purchasing more US liquefied natural gas in place of Russian energy in the wake of his victory.

Barron's reports that the EU is aiming to avoid a trade war with the US, as Trump has stated he will place high tariffs on foreign goods to lower US trade deficits.

Von der Leyen said that she called Trump last Thursday because it was "very important" that the bloc engages with him.

"Common interests are, for example -- this is one topic that we touched upon, I would not say discuss -- it's the whole topic of LNG," she stated to reporters after discussions with EU leaders. She said that Europe still received "a lot of LNG via Russia," adding, "Why not replace it by American LNG, which is cheaper for us and brings down our energy prices."

The alliance tried to cut out the purchase of Russian energy altogether after the invasion of Ukraine by purchasing more American LNG but has been unable to do so as of yet.

German Chancellor Olaf Scholz also suggested he would like to work with the Trump administration on issues such as trade. "Ultimately, the growth and strength of the United States also depend on the fact that it trades with the whole world, and in both directions," he said. "From this point of view, I think the foundations are there for developing a common policy."