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 testimonybefore 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 showsthat 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 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.