President Trump's Trade War Begins to Wear on the Oil Industry
President Donald Trump has done much to support the U.S. oil and gas industry since moving into the White House in 2017, but his approach to trade policy threatens to undo much of the good.
Trump escalated the trade war with China when he announced tariffs on an additional $300 billion worth of imports earlier this month. Beijing retaliated this past week with new tariffs on $75 billion worth of U.S. goods, including a 5 percent tariff on crude oil imports beginning September 1.
China, which is the world's fastest-growing energy market, now has tariffs on U.S. oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), which includes fuels like propane and butane.
The trade war has now effectively cut off the U.S., the world's top oil and gas producer, from the most coveted market in the world for energy suppliers.Read the rest of the article by clicking here.