The American Petroleum Institute (API) issued a statement in response to China’s increase of the retaliatory tariffs on $60 billion worth of U.S. products, including U.S. LNG.
“The U.S. and China have a natural supply-demand match when it comes to energy, but China’s increase of retaliatory tariffs to 25% poses a threat to U.S. investment in LNG by limiting our share in the world’s fastest growing LNG market,” said Stephen Comstock, API Director. “These retaliatory tariffs dampen the prospects for the growing U.S. LNG investment, hurt U.S. workers, and benefit America’s foreign competitors.
“Studies show that the U.S.-China trade dispute is hurting U.S. economy and consumers. We urge both negotiating parties to quickly implement a comprehensive trade deal that would eliminate these damaging tariffs, so that American businesses and families can stop paying for this trade war.”