API Joins Business and Agriculture Groups in Support of Senator Corker’s Legislation on Oversight of Harmful Tariffs
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WASHINGTON, June 27, 2018 – Yesterday, API signed an association letter with a number of business and agriculture organizations in support of the bipartisan legislation by Senator Bob Corker (R-TN) that would require Congressional oversight prior to the president imposing any tariffs on the basis of national security. API’s Kyle Isakower, VP of Regulatory and Economic Policy, released the following statement.
“API welcomes Senator Corker’s legislation to require Congressional oversight regarding presidential actions on tariffs related to national security concerns, such as the recently implemented Section 232 tariffs.
“We believe that the administration is misusing national security to intervene in markets and to disrupt trade that benefits US workers. Tariffs and quotas on imported specialty steel will disrupt the natural gas and oil industry’s complex supply chain, harm our energy and national security and will have a negative impact on U.S. jobs and consumers.
“Additionally, the recent imposition of tariffs on our top trading partners—Canada, Mexico, and the European Union—stands to weaken our national security, as well as undermine America’s pivotal role on the global energy stage. These tariffs have also put into motion a series of retaliatory tariffs from a number of key trading allies that will have a negative economic impact on the America.
“Congress must step in to bring checks and balances to our nation’s trade policies so that President Trump’s own goals of energy security and economic prosperity are not compromised.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s nearly 620 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 45 million Americans.