TIPRO Hopeful US-China Will Agree Trade Deal
The Texas Independent Producers and Royalty Owners Association (TIPRO) remains hopeful that the United States and China will agree to a deal and bring an end to the ongoing trade war, according to TIPRO President Ed Longanecker.
Longanecker said the trade war has inflicted negative consequences to important sectors of the U.S. economy, “including the U.S. oil and natural gas industry”.
“TIPRO has vocalized concerns over the trade war since the Trump administration first applied tariffs under Section 301 on Chinese imports in 2018,” Longanecker said in an organization statement.
“China was the third-largest buyer of U.S. LNG before the trade war started, but now we are lucky if they rank in the top 25. And though the Chinese government has not yet applied tariffs to imports of U.S. crude, U.S. oil exports to China also have essentially dried up,” he added.
“TIPRO hopes the Trump administration will achieve a fair deal with China bringing a resolution to the trade war and terminating tariffs against U.S. energy products,” Longanecker continued.
Last month, the American Petroleum Institute signed a letter urging U.S. President Donald Trump’s administration to get back to the negotiating table with China. The letter was signed by a total of 661 American companies and associations representing several industries, including retail, tech and agriculture.
To find out more about how the U.S.-China trade war is affecting the global oil industry, click here.
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