API welcomes progress on U.S.-China trade, encourages both sides to reach final deal lifting all tariffs
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WASHINGTON, December 13, 2019 — The American Petroleum Institute (API) today issued the following statement after the Trump administration and China reached an initial “phase one” trade deal.
“Although we are awaiting further details, we are encouraged by the progress made between the U.S. and China,” said Dr. Aaron Padilla, API senior advisor for international policy. “The trade war has dragged on for far too long, limiting America’s energy potential and hurting U.S. consumers, farmers and manufacturers. De-escalation is a positive step forward, but we urge both countries to continue working toward a final agreement that completely lifts tariffs on both sides and fully restores U.S. energy export growth opportunities in China, one of our most important global export markets.”
The U.S.-China trade war has impacted the American natural gas and oil industry through U.S. tariffs on imports of industrial components from China as well as Chinese retaliation on U.S. energy exports. The U.S. and China are a natural marketplace match when it comes to energy trade, with the growing U.S. natural gas and oil export capacity able to meet growing energy demand from China. However, since the beginning of the trade war in July of 2018, exports of U.S. natural gas, oil, and refined products to China began to rapidly decline due to retaliatory tariffs.
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.