API encouraged by trade progress with China
The American Petroleum Institute is encouraged by the progress made between the Trump administration and China on a trade deal.
The two countries agreed to an initial “phase one” deal last week.
“Although we are awaiting further details, we are encouraged by the progress made between the U.S. and China,” Aaron Padilla, API senior advisor for international policy, said. “The trade war has dragged on for far too long, limiting America’s energy potential and hurting U.S. consumers, farmers, and manufacturers. De-escalation is a positive step forward, but we urge both countries to continue working toward a final agreement that completely lifts tariffs on both sides and fully restores U.S. energy export growth opportunities in China, one of our most important global export markets.”
The trade war between the two countries has impacted the American natural gas and oil industry through tariffs on imports and Chinese retaliation on U.S. energy exports.
API officials say the two countries are a good match for energy trade, given the growing U.S. natural gas and oil export capacity and the growing energy demand from China. However, exports of U.S. natural gas, oil, and refined products to China began to decline since the beginning of the trade war in July of 2018 due to retaliatory tariffs.
API is a trade association that represents the natural gas and oil industry.
