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Monday, June 4, 2018

Oil Industry Not Happy With President Trump's Tariffs

From the Washington Examiner:
The oil industry's lead trade group said it is "deeply discouraged" by President Trump's Thursday decision to impose tariffs on steel and aluminum imports from Canada, Mexico, and the European Union. 
“We are deeply discouraged by the administration’s actions to impose tariffs on our three closest trading partners," said Jack Gerard, president and CEO of the American Petroleum Institute. The industry views the decision "as a step in the wrong direction,” he said. 
The oil and natural gas group has been pushing hard against tariffs proposed by Trump, including those imposed on $150 billion of Chinese products, because of the industry's dependence on dozens of imports. 
When the president announced the duties in March, saying the penalties were necessary to ensure the U.S. maintains a viable steel industry, he initially granted exemptions to Europe, Mexico, and Canada through June 1. 
The tariffs that Trump announced Thursday "will disrupt the U.S. oil and natural gas industry’s complex supply chain, compromising ongoing and future U.S. energy projects, which could weaken our national security," Gerard said.
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1 comment :

  1. Great information! Thanks for such an informative piece of content. This policy of trump towards Oil and gas industry will really effect poorly on this business.

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