US oil industry group (API) warn about trade war backlash if US ramps up tariffs

CEO of the

American Petroleum Institute spoke with Dow Jones/Market Watch, said the oil industry was very much in favour of Trump’s first term agenda

• included “a real focus on increased American
  development of our resources, and I think the opposite has been true
  of the Biden administration”

But tariff proposals for Trump’s second term are worrisome:

• “We want to make sure that our products can get to overseas
  markets without potential tariffs, and, if you put tariffs in place
  in the United States, it’s inevitable that there’s going to be a
  trade war throughout the rest of the world”

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Earlier post on tariff proposals, 10% on everything and 60% on China:

• US (R) Senator calls on Trump to rethink 60% tariff plan

This article was written by Eamonn Sheridan at www.forexlive.com.