API released the following statement regarding the additional round of tariffs announced this week by the White House, underscoring the negative impacts that a continued escalation of the trade dispute with China will have on American economy and consumers:
“We understand the need to address discriminatory trade practices, but this policy will essentially impose a new tax on US$200 billion worth of products on which American families and businesses rely,” said API Vice President for Economic Policy Kyle Isakower. “The US natural gas and oil industry delivers affordable and abundant energy to households and businesses across the country, strengthening the US economy every day. However, this current trade dynamic works against US energy sector growth and counter to the Administration’s stated goal of ‘energy dominance’.”