President-elect Donald Trump is threatening tariffs against a bloc of countries when he assumes office as part of his anticipated effort to reinforce oil and gas production in the U.S.

Trump, in a Truth Social post, said that he told the European Union that if it doesn't begin to import more U.S. oil and gas, it will be faced with tariffs under his upcoming presidency.

"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas," Trump wrote. "Otherwise, it is TARIFFS all the way!!!"

Throughout his presidential campaign, Trump vowed to restore energy dominance by bolstering the production of American-made oil and natural gas. Specifically, Trump has revealed that he plans to expand fracking and lift President Joe Biden's pause on new liquefied natural gas (LNG) export permits. 

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Trump's latest tariff threat comes amid a number of warnings against several countries, including China, Mexico, and Canada, if they don't act to secure the border and stop drug trafficking.

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Trump said he would impose 25% tariffs on all Canadian and Mexican exports, unless the countries work to stop the flow of illegal immigration and illicit drugs coming into the U.S.

After Trump's proposed tariff against Canada, Ontario Premier Doug Ford threatened to cut off energy and critical mineral exports to the U.S. if the incoming president implements such a tariff on all Canadian products. However, Trump was unfazed by the threat, saying, "That's okay if he does that."

Trump has reportedly engaged in "very productive" conversations with Canadian Prime Minister Justin Trudeau since threatening a new tax.

The PM traveled to Mar-a-Lago to meet with the incoming president, where Trudeau reportedly told Trump he couldn't levy the tariff, because it would kill the Canadian economy completely, Fox News previously reported.

Trump then suggested to Trudeau that Canada become the 51st state, which, according to sources, reportedly caused the prime minister and others to laugh nervously.

Fox News' Bret Baier and Greg Wehner contributed to this report.

Today New York Governor Kathy Hochul signed into law the Climate Change Superfund Act, which will charge oil and gas firms an estimated $75 billion over the next 25 years. The controversial measure, sponsored by Senator Liz Krueger and Assembly Member Jeffrey Dinowitz, is modeled on federal and state superfund laws, which charge firms accused of pollution.

While environmental groups heralded the legislation, business groups argued that it will increase the cost of doing business in the state and that consumers will ultimately bear the brunt in terms of higher energy prices.

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"The Climate Change Superfund Act is now law," said Senator Krueger. "Too often over the last decade, courts have dismissed lawsuits against the oil and gas industry by saying that the issue of climate culpability should be decided by legislatures. Well, the Legislature of the State of New York – the 10th largest economy in the world – has accepted the invitation, and I hope we have made ourselves very clear: the planet’s largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences."

However, critics have deemed the bill impractical and contend that it will be subject to protracted legal challenges.

"What would you have them do? Not sell fuel in New York State," said Ken Pokalsky, vice president of the New York State Business Council. 

A group of business and industry leaders also lambasted the measure: "This legislation is bad public policy that raises significant implementation questions and constitutional concerns. Moreover, its $75 billion price tag will result in unintended consequences and increased costs for households and businesses."

However, Gov. Hochul heralded the legislation as a victory for the state's citizens, stating that the funds will be used for climate mitigation efforts.

"This bill would allow the state to recoup $75 billion from major polluters…For too long New Yorkers have borne the costs of the climate crisis, which is impacting every part of the state."

The bill will result in significant assessments for both domestic and foreign energy producers, with Saudi Aramco of Saudi Arabia likely facing the largest charge at $640 million a year, while state-owned Mexican firm Pemex will be looking at a $193 million annual charge.

Russia's Lukoil will likely face charges of around $100 million per year.

The assessments are based on estimated yearly CO2 emissions, measured in millions of tons of greenhouse gases.

In total, 38 firms deemed carbon polluters will be on the hook, including American oil giants Exxon and Chevron, the UK's Shell and BP, and Brazil's Petrobras.

Critics of the legislation have also noted the potential difficulty in collecting the stipulated assessments from foreign firms.

The bill is also concerning consumer advocacy groups in light of its implementation in conjunction with other new measures which stand to greatly affect commuters and consumers:

"We also note this measure would come on the heels of the reinstatement of congestion pricing in New York City, and in advance of the Environmental Department’s pending `cap and invest’ rule, which combined will also impose billions of dollars in new assessments on fossil fuel usage, impacting a wide range of consumers," stated bill opponents.

In November, Americans voted for relief from the Biden-Harris administration. The inflation once deemed "transitory" has persisted, and though the rate of increase has declined, the overall increase itself has not. Utilities are 30% higher. Food is more than 20% more costly. Energy is everything, and four years of Biden-Harris policies targeting energy have made life expensive.  

As part of his promise to "fix everything," President-elect Donald Trump has vowed to change direction, even boldly promising to cut electricity costs in half. While some policies will take time before consumers feel the benefits, there are three things Trump can do on day one to bring help quickly: 

Snuck into the $891 billion and improperly named "Inflation Reduction Act" is a tax on the natural gas industry. Of course, the climate change lobby that inserted this provision claims it is a tax on methane meant to reduce emissions, but that is pure political window dressing. It is a tax on natural gas, and like all taxes on businesses, the consumer pays the tab. 

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Consider that Michael Regan, the outgoing administrator of the Environmental Protection Agency (EPA), issued guidance on the implementation of this tax just days after Trump’s victory. Such timing does make one wonder: if a natural gas tax to fight climate change was so pressing, why did it take nearly two years after the IRA for its implementation? 

Thankfully, the incoming administration has a variety of options to shut it down. Incoming EPA Administrator Lee Zeldin can call for review. The IRS can determine this tax to be overly burdensome and unconstitutional. The new House GOP Majority can delay the implementation in the Ways and Means Committee. The new president can declare executive action to waive the tax completely. President Joe Biden certainly had no problem waiving student loan payments or even rent.  

Ultimately, the natural gas tax must be repealed, and with the new Congress and administration pledging an energy revolution, this should be low-hanging fruit.  

In July 2022, President Joe Biden flew to Massachusetts to give a climate change speech from the empty lot where a coal plant once operated.  

Biden made a green jobs promise. "On this site, they’ll manufacture … 248 miles of high-tech, heavy-duty cables," ostensibly to connect offshore wind farms to the onshore electrical grid.  

Two years later, reality has set in. Construction of the onshore plant is in limbo due to opposition from local groups. And the offshore wind farm? This summer, a 300-foot blade broke and fell into the sea, closing beaches in Nantucket, and the wind farm was shut down. It has still not reopened. 

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This is the green agenda in a nutshell: sanctimoniously dismantle what works, make promises, fail to deliver and walk away. Meanwhile, the people of Massachusetts have some of the highest electricity rates in the country, on top of the lost jobs and tax revenue from the coal plant. Standard green failure.  

Trump can issue an executive order immediately stopping the dismantling of existing electricity plants. Furthermore, the incoming White House Energy Council can work with states to reopen and reignite those plants currently offline. An increase in electricity production is not just critical to stabilize the grid but to bring relief for every household. Lower electricity costs for business will translate into lower prices for consumers.  

Because most of Biden’s punitive energy actions were so unpopular couldn’t pass Congress and were implemented via executive action, they can be reversed immediately. Announcing dates for regular land leases, reversing bans on offshore and federal land production, reopening Alaska: these will send a market signal which will have an immediate impact on oil prices. 

Despite record high production, oil prices are surging because markets see no reason for future optimism. American energy companies prefer volume over price. Volume is sustainable. Price is fickle and punitive. Sending a signal that American oil and gas exploration and production is back, what Trump calls "drill, baby, drill", is the greatest hedge against foreign cartels like OPEC and the greatest signal to lower costs for consumers.  

These are just a few actions Trump can take to make America energy dominant again. Quick, immediate and clear, they can help usher in an era of affordable, reliable, abundant, domestic energy making us a prosperous nation once again, paving the way to the "golden age of America" Trump has envisioned.  

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