Yesterday, API highlighted the damaging impact that an additional round of tariffs on US$300 billion worth of imports from China would have on US energy consumers in testimony before the interagency Section 301 Committee:
“Imposing tariffs on the remainder of US imports from China will put undue strain on the supply chains of the natural gas and oil industry that enable the delivery of reliable and affordable energy to American families and businesses,” said Dr. Aaron Padilla, API’s Senior Advisor for International Policy.
“American natural gas and oil industry is already under pressure due to tariffs on over 100 products imposed under Section 301 by the US Administration and due to China’s retaliatory tariffs on US LNG. Expanding these tariffs would harm the US energy revolution by increasing production costs and creating further uncertainty for energy investments.
“We expect that the Administration will recognise the collateral damage that additional tariffs would cause to the US natural gas and oil industry, economy, and consumers, and we urge the US to de-escalate this trade dispute with China.”
Research shows that Americans have paid US$22 billion in additional tariffs over the past year, including tariffs on steel and aluminium under Section 232 and tariffs on imported goods from China. Exports of US goods targeted by retaliatory tariffs also fell by 28%.
Read the article online at: https://www.worldpipelines.com/business-news/26062019/section-301-tariffs-will-hurt-energy-consumers/