Additional Tariffs Under Section 301 Would Hurt U.S. Energy Consumers
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WASHINGTON, June 25, 2019 – Today, API highlighted the damaging impact that an additional round of tariffs on $300 billion worth of imports from China would have on U.S. energy consumers in testimony before the interagency Section 301 Committee:
“Imposing tariffs on the remainder of U.S. imports from China will put undue strain on the supply chains of the natural gas and oil industry that enable the delivery of reliable and affordable energy to American families and businesses,” said Dr. Aaron Padilla, API’s Senior Advisor for International Policy.
“American natural gas and oil industry is already under pressure due to tariffs on over 100 products imposed under Section 301 by the U.S. Administration and due to China’s retaliatory tariffs on U.S. LNG. Expanding these tariffs would harm the U.S. energy revolution by increasing production costs and creating further uncertainty for energy investments.
“We expect that the Administration will recognize the collateral damage that additional tariffs would cause to the U.S. natural gas and oil industry, economy, and consumers, and we urge the U.S. to de-escalate this trade dispute with China.”
Research shows that Americans have paid $22 billion in additional tariffs over the past year, including tariffs on steel and aluminum under Section 232 and tariffs on imported goods from China. Exports of U.S. goods targeted by retaliatory tariffs also fell by 28 percent.
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.