Oil and gas sector ‘concerned’ by Trump tariff plans

By Zack Colman | 07/16/2024 06:41 AM EDT

American Petroleum Institute CEO Mike Sommers echoed concerns that Trump’s tariff tactics pose a risk to U.S. companies that depend on exporting fuel overseas and refiners who rely on imported crude to make products in the U.S.

MILWAUKEE — The oil and gas industry is “very concerned” about the effects that trade policies espoused by GOP presidential nominee Donald Trump would have on U.S. companies, American Petroleum Institute CEO Mike Sommers told POLITICO on Monday in an interview.

Trump has vowed to impose broad tariffs, including on trade partners, as a cornerstone of his economic agenda in a bid to help boost U.S. manufacturing and bolster the economy. It’s a move that economists have warned could stoke inflation and ignite retaliatory trade actions against key U.S. industries like oil and gas.

Sommers echoed concerns that those tariff tactics pose a risk to U.S. companies that depend on exporting fuel overseas and refiners who rely on imported crude to make products in the U.S.

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“It’s one of our principles that we pursue free markets and free trade,” Sommers said. “And that’s going to continue to be a priority for us, no matter who the president of the United States is.”

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