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 represents all segments of America’s oil and natural gas industry. Our more than 600 members produce, process and distribute most of the nation’s energy. The industry supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.