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President Donald Trump (R) and European Commission President Jean-Claude Juncker (L) deliver a joint statement on trade in the Rose Garden of the White House July 25, 2018. Photo: Win McNamee via Getty Images

President Trump emerged from a trade-focused meeting with European Commission President Jean-Claude Juncker and said Europe will become a "massive" buyer of U.S. liquefied natural gas.

Reality check: Thus far, Asian countries and Mexico have been the main buyers of U.S. LNG as the industry has emerged in recent years, but there's room for growth in Europe as exports rise and new projects come online. But while boosting gas exports to Europe is a goal that dates back years, some analysts say there's reason to doubt that the continent will ever become a huge destination for U.S. cargoes, given its closer and less expensive options.

The intrigue: However, LNG from the U.S. and elsewhere can still affect European energy markets and geopolitics. The growth of global LNG trade provides more supply options, giving Europe more commercial leverage with Russia, a huge supplier of gas, and helping to force Gazprom into concessions.

What they're saying: "U.S. LNG is competitive in Europe on the spot market when the price is low, as it is now. In the future it will be hard to compete with piped gas from Russia and closer sources of LNG," David Goldwyn, a former senior State Department energy official and now head of the consultancy Goldwyn Global Strategies, tells Axios.

"[A]s soon as the Russians get greedy, U.S. LNG provides a ready substitute. U.S. LNG has made the global gas market competitive. But it is unlikely we will export vast quantities of LNG to Europe unless the Russians overreach. If they do we will quickly take their market share."
— David Goldwyn

Go deeper: Trump and EU call trade war truce.

Go deeper

3 mins ago - Health

Pfizer-BioNTech: Booster doses more effective at blocking Omicron

Prepared doses of the BioNtech-Pfizer Covid-19 coronavirus vaccine in Germany on Dec. 7. Photo: Thomas Kienzle/AFP via Getty Images

Pfizer and BioNTech said Wednesday that two doses of their COVID-19 vaccine were significantly less effective at neutralizing the Omicron variant in early lab tests, but a three-dose regimen was more effective.

Why it matters: Omicron, which has been labeled a variant of concern by the World Health Organization after being identified by scientists in South Africa last month, has forced vaccine makers to reassess the effectiveness of their vaccines against this specific new form of coronavirus.

Mike Allen, author of AM
9 mins ago - Politics & Policy

Biden unveils "Building a Better America" branding

President Biden speaks on infrastructure while visiting a bridge in Woodstock, N.H., last month. Photo: John Tully/Getty Images

President Biden today launched a new website and unveiled bold new branding as part of a nationwide tour to sell the benefits of his infrastructure package.

Why it matters: The White House says passage of the new law shows the ability to "forge bipartisan consensus and prove our democracy can deliver big wins" even in these toxic times.

2 hours ago - World

Olaf Scholz sworn in as German chancellor, succeeding Merkel

Incoming German Chancellor Olaf Scholz is sworn in by Bundestag President Bärbel Bas in Berlin today. Photo: Sean Gallup/Getty Images

Social Democrat Olaf Scholz was sworn in as chancellor of Germany on Wednesday, succeeding Angela Merkel after 16 years and launching a new era of German and European politics.

Why it matters: Scholz, a center-left pragmatist who served as finance minister and vice chancellor in Merkel's last government, will lead Europe's largest economy in a coalition with the environmentalist Greens and pro-business Free Democrats.