API: Tariffs hurt workers, consumers, American energy dominance
WASHINGTON, July 25, 2018 – API highlighted the devastating impacts of the administration’s tariffs on imported steel and other goods at today’s hearing before the U.S. Trade Representative on section 301 tariffs.
“The administration's tariffs on steel and other imported goods stand in the way of increased job creation and economic growth,” said API Senior Advisor for International Policy Aaron Padilla. “Section 301 tariffs affecting approximately 100 products – including pumps, pump parts, motors, rotors and stators, valves, fluids, drill collars, and lithium batteries - are already hurting the natural gas and oil industry.
“Further, expanding the current list of 301 tariffs would cause disproportionate economic harm to the U.S. natural gas and oil industry as it would not be possible to relocate quickly the sourcing of these products and still meet the industry’s exacting product reliability specifications and standards.
“We share the administration's own goal of promoting American energy dominance, but it has become clear that the implementation of import restrictions on imported steel and other products undermines domestic energy production. Further, increasing the costs of American energy production will hurt America’s national security and American consumers who have benefited from affordable energy. We hope that the administration will reconsider these tariffs that will without a doubt harm our nation's energy interests at home and abroad.”
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 47 million Americans.