US API criticises lack of steel tariff exceptions for oil, gas companies

The American Petroleum Institute (API) on Tuesday urged the US Department of Commerce (DOC) to reconsider its ruling to deny product exclusions from tariffs on imported steel, saying the decision will have negative consequences for the oil and gas industry. US President Donald Trump signed proclamations in March calling for tariffs of 25% on steel and 10% on aluminum. The move was not favored by energy or petrochemical groups. The American Chemistry Council (ACC) estimates more than $9bn worth of US chemicals and plastics exports have been negatively impacted by Trump’s trade decisions, and as much as half of the $194bn in planned US chemical industry investment is at risk of delay or abandonment.