The President and CEO of the American Petroleum Institute (API), Jack Gerard, has expressed his heightened concern with the lack of transparency leading up to the newly announced tariffs on China, as well as the impact on the US energy renaissance and consumers.
“API is concerned about the detrimental effect of the new Section 301 tariffs on a wide range of industrial parts and products used in the US natural gas and oil industry because they place the costs of China’s market distorting behaviour on US consumers and their access to affordable and reliable energy. We have very vocally opposed the implementation of Section 232 tariffs under the guise of national security concerns, and we are now also troubled with the Administration’s process around the implementation of Section 301 tariffs on China.
“The lack of transparency in the process, as well as the absence of consultation with the US natural gas and oil industry to determine the potential impact on US investments, jobs, and consumers, is especially troubling. Section 301 tariffs, as well as the recently implemented Section 232 tariffs, will have a real impact on current and future US energy projects, and could ultimately harm our energy renaissance which provides high-paying jobs and affordable and reliable energy to Americans.
“Instead of utilising a transparent decision-making process that provided room for input from key stakeholders, the administration continues to take serious missteps in the trade arena that could undermine American jobs and America’s role on the global energy stage. Trade wars with key trading partners will be detrimental to the US economy and consumers.”