API: Additional Section 301 Tariffs Hurt American Economy, Consumers
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WASHINGTON, September 17, 2018 – API released the following statement regarding the additional round of tariffs announced today 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 $200 billion worth of products on which American families and businesses rely,” said API Vice President for Economic Policy Kyle Isakower. “The U.S. natural gas and oil industry delivers affordable and abundant energy to households and businesses across the country, strengthening the U.S. economy every day. However, this current trade dynamic works against U.S. energy sector growth and counter to the Administration’s stated goal of ‘energy dominance’.”
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 more than 600 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.