Following the announcement from the White House that the Trump administration will be imposing new steel and aluminium tariffs on three important allies by ending their country exemptions – Canada, Mexico, and the EU – API’s President and CEO Jack Gerard released the following statement.
“We are deeply discouraged by the administration’s actions to impose tariffs on our three closest trading partners – Canada, Mexico, and the EU – and view this as a step in the wrong direction,” said Gerard.
“The implementation of new tariffs will disrupt the US oil and natural gas industry’s complex supply chain, compromising ongoing and future US energy projects, which could weaken our national security. Additionally, Canada, Mexico and the EU are imperative members of our Defense Industrial Base (DIB) and are top military allies – far from a threat to America’s security.
“Increased prices in specialty steel could threaten the continued domestic production of oil and natural gas and natural gas liquids – which are at their highest levels of production since 1949 – and could raise energy costs for US businesses and consumers, while threatening the nation’s ability to achieve President Trump’s goal of energy dominance.
“We hope and expect that the administration will recognise the national security benefits of the US oil and natural gas industry and grant API’s member companies’ product exclusions from steel tariffs and quotas in the ongoing Department of Commerce process, as well as provide transparency and flexibility in the process to lessen the impact on US oil and natural gas production, transportation and refining.”
Read the article online at: https://www.worldpipelines.com/business-news/01062018/concern-over-the-impact-of-new-steel-and-aluminium-tariffs-on-the-oil-and-gas-industry/