API Urges Trump to Renegotiate with China
The American Petroleum Institute has signed a letter urging U.S. President Donald Trump’s administration to get back to the negotiating table with China.
Sent recently by Tariffs Hurt the Heartland, a national campaign against tariffs, the letter was signed by a total of 661 American companies and associations representing several industries, including retail, tech and agriculture.
“We remain concerned about the escalation of tit-for-tat tariffs. We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the U.S. economy,” the letter stated.
“We support your efforts to hold our trading partners accountable, level the playing field for American businesses and forge enforceable trade agreements. We urge your administration to get back to the negotiating table while working with our allies to develop global, enforceable solutions,” the letter added.
“An escalated trade war is not in the country’s best interest, and both sides will lose,” the letter continued.
Last month, Rystad Energy warned that the escalation of the trade war between the United States and China could jeopardize several LNG mega projects awaiting final approval.
“Rystad Energy expects China to be one of the biggest contributors in sponsoring new LNG projects over the coming years, and there will be a reluctance to signing new deals with U.S. projects as long as this trade war persists,” Sindre Knutsson, senior analyst at Rystad Energy’s gas markets team, said in a company statement back in May.
On May 13, China’s ministry of finance revealed that the country would impose a 25 percent tariff on U.S. LNG from June 1. On May 10, the office of the United States trade representative revealed that the United States had increased the level of tariffs from 10 percent to 25 percent on approximately $200 billion worth of Chinese imports.
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