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AMERICAS OIL: US Oil Industry Seeking Carve Outs From Trump Steel, Oil Levies

AMERICAS OIL
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US Oil Industry Seeking Carve Outs From Trump Steel, Oil Levies: Bloomberg

  • The US oil industry is confident it can win exemptions from Trump administration tariffs on imported steel and crude, according to the American Petroleum Institute.
  • Tariffs of 10% on Canadian oil and 25% on Mexican cargoes are set to kick in next month, alongside a 25% levy on steel, although Trump has shown flexibility in implementing such measures in response to cooperative gestures by foreign leaders.
  • “There’s a lot of time between now and then for us to make the case about the importance of certain steel products and certain countries that are going to be important for the industry,” API Chief Executive Officer Mike Sommers said during an interview in Houston on Thursday. “We’ll be making that case.”
  • US oil companies rely on overseas steel and gear to drill fields and manufacture fuel, while also depending on relatively open access to foreign markets for their products.
  • “To this point, what we’ve seen is the president’s energy dominance agenda is more important than the tariff agenda,” Sommers said. “We’re going to continue to work with them as they consider different tariffs.”
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US Oil Industry Seeking Carve Outs From Trump Steel, Oil Levies: Bloomberg

  • The US oil industry is confident it can win exemptions from Trump administration tariffs on imported steel and crude, according to the American Petroleum Institute.
  • Tariffs of 10% on Canadian oil and 25% on Mexican cargoes are set to kick in next month, alongside a 25% levy on steel, although Trump has shown flexibility in implementing such measures in response to cooperative gestures by foreign leaders.
  • “There’s a lot of time between now and then for us to make the case about the importance of certain steel products and certain countries that are going to be important for the industry,” API Chief Executive Officer Mike Sommers said during an interview in Houston on Thursday. “We’ll be making that case.”
  • US oil companies rely on overseas steel and gear to drill fields and manufacture fuel, while also depending on relatively open access to foreign markets for their products.
  • “To this point, what we’ve seen is the president’s energy dominance agenda is more important than the tariff agenda,” Sommers said. “We’re going to continue to work with them as they consider different tariffs.”