API released the following statement regarding China’s announcement it intends to impose new retaliatory tariffs on US liquefied natural gas (LNG) in addition to retaliatory tariffs on crude oil, refined products, and petrochemicals:
“China’s retaliation will hit America’s energy industry particularly hard,” said API Vice President for Regulatory and Economic Policy Kyle Isakower. “American natural gas and oil companies already hit by US tariffs on industrial products and specialty steel essential to our industry will now be faced with Chinese tariffs on critical US exports, impacting American jobs that rely directly and indirectly on the energy industry.
“China is the third largest importer of US LNG, but US LNG makes up only a modest but growing portion of China’s supply portfolio, which suggests that this particular trade dispute will hurt America more than it hurts China. We urge the administration to end these trade policies that work against our own energy interests and threaten our shared goal of maximising US energy production and US energy exports.”
Read the article online at: https://www.worldpipelines.com/business-news/06082018/chinas-retaliatory-tariffs-may-harm-the-us-energy-industry/