Trump’s threats strain US-Europe energy relationship

Strains in US-Europe relations under President Trump mean that European policymakers may perceive the region’s growing dependence on the US for energy to be a strategic vulnerability. This is not as severe as Europe’s dependence on pipeline gas from Russia prior to the war in Ukraine. Nevertheless, the potential weaponisation of LNG trade has emerged as an upside risk to our forecast that European natural gas prices will fall back from current levels.