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BUSINESS: EU gas deal for U.S. tariff relief infographic
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EU gas deal for U.S. tariff relief

Graphic News

July 26, 2018 -- President Trump and European Commission president Jean-Claude Juncker agreed to work toward “zero tariffs” on non-car industrial goods in exchange for the EU importing more U.S. liquefied natural gas.

U.S. exports of liquefied natural gas in 2017 reached 3,170 million cubic feet (89,703 cubic metres) — the highest on record, worth $11.21 billion.

Exports were larger than imports for the first time in 60 years, and the United States became a net exporter of natural gas, according to the U.S. Energy Information Administration.

The United States exported natural gas to 28 countries in 2017, with Europe accounting for just 72,948 million cubic feet (2,066 cubic metres), buying more than 30 per cent of its gas from Russia.

Kremlin-backed Gazprom supplied Europe with 6, 710,000 million cubic feet (190,000 million cubic metres) last year, valued at some $37 billion.

In July, Trump attacked Germany for backing the Nord Stream 2 pipeline that would directly link the country with Russia, bypassing Ukraine’s pipeline system. That would allow the Kremlin to exert political pressure on Eastern and Central Europe by shutting off gas supplies while minimising the impact on the lucrative Western European market.

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