Growing Trade War with China Could Hurt Growing U.S. LNG Industry, U.S. Consumers
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WASHINGTON, May 13, 2019 – API issued the following statement in response to China’s increase of the retaliatory tariffs on $60 billion worth of U.S. products, including U.S. LNG:
“The U.S. and China have a natural supply-demand match when it comes to energy, but China’s increase of retaliatory tariffs to 25 percent poses a threat to U.S. investment in LNG by limiting our share in the world’s fastest growing LNG market,” said Stephen Comstock, API Director. “These retaliatory tariffs dampen the prospects for the growing U.S. LNG investment, hurt U.S. workers, and benefit America’s foreign competitors.
“Studies show that the U.S.-China trade dispute is hurting U.S. economy and consumers. We urge both negotiating parties to quickly implement a comprehensive trade deal that would eliminate these damaging tariffs, so that American businesses and families can stop paying for this trade war.”
API is the only national trade association representing all facets of the natural gas and oil 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, 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. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.