A prominent oil and gas industry association has urged Washington to settle the trade disputes that have led Beijing to impose tariffs on U.S. oil imports.
In a statement posted on its website, the American Petroleum Institute (API) said the Trump administration’s approach to China posed a threat to U.S. oil and gas operators. The sector has already sustained losses because of U.S. tariffs on Chinese steel and retaliatory Chinese tariffs on U.S. LNG, it said.
According to the API, conditions will worsen if Chinese buyers avoid U.S. oil. Kyle Isakower, the organization’s vice president of regulatory and economic policy, said the new Chinese tariffs could hurt the U.S. economy as a whole.
“This escalation of the U.S.-China trade war is another step in the wrong direction, the consequences of which will be felt by American businesses and families. In addition to the impacts on the U.S. economy and jobs, U.S. energy leadership and global competitiveness are threatened as U.S. natural gas and oil exports continue to serve as targets for retaliation,” he said.