WASHINGTON, January 15, 2020 – The American Petroleum Institute (API) today issued the following statement after the United States and China signed a “phase one” trade deal.
“The phase one trade deal reached between the U.S. and China is a positive step forward, creating greater certainty across the American economy,” API President and CEO Mike Sommers said. “Although the U.S. leads the world in energy development, trade wars disrupt global supply chains and create new barriers to U.S. exports. De-escalation of trade tensions is welcome news to a wide range of industries, but there’s more work to be done. We encourage the administration to stay at the negotiating table until the U.S.-China marketplace for energy trade is fully restored and all remaining tariffs are lifted — including U.S. tariffs on imports of industrial components used in our industry and Chinese retaliatory tariffs on U.S. energy exports.”
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API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.