And even more fallout over President Trump’s rush to nationalism and American economic destruction.
Oil, gas, and pipeline industry insiders are joining together to ask President Trump to rethink his ill-advised tariff plans for steel and aluminum, or at least to consider exemptions for when the industry needs to bring in foreign steel products, necessary to adequately (and affordably) meet the various requirements of the industry.
“While we discourage you from imposing steel tariffs, we urge you at least to allow exemptions when steel products needed for energy production, processing, refining, transportation, and distribution are not sufficiently available in domestic markets,” the groups said in a letter to Trump.
Those signing the letter include the Interstate Natural Gas Association of America, Association of Oil Pipe Lines, GPA Midstream Association, Texas Pipeline Association, Natural Gas Supply Association, Center for LNG, Energy Equipment and Infrastructure Alliance, and American Exploration & Production Council.
So one more industry that sees a hit coming, and that, of course does not bode well for American consumers.
Meh… What’s one more red, flashing light? It couldn’t possibly be a warning sign.
The point these groups have tried to explain to Trump in reaching out, is that the type of steel used in their pipeline process is such that there’s no real domestic market for it, due to cost, so they rely on the foreign steel market.
“In fact, for certain pipeline steel products, there is zero domestic availability today,” they write.
They said Trump’s plan to slap a 25 percent tariff on steel imports could drive up the cost for oil and natural pipelines. Pipeline developers could then pass on higher prices to the oil and gas producers who use their lines.
And knowing that crap rolls downhill, after the oil and gas producers have prices jacked up on them, who has to pick up the slack, next?
That’s right… people in red caps, driving vehicles with “MAGA” bumper stickers.
Trump has already tried out his little tariff tantrum, by imposing 30 percent tariffs on solar panel products out of China and other Asian markets.
“As President Trump prepares to issue an official decision on tariffs for steel and aluminum products, we want to remind him that the net loss of jobs and the cancellation of projects as a result of his solar tariffs are real and causing damage to America’s energy economy,” Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association, said Wednesday morning.
Hopper is predicting a minimum of 23,000 jobs lost in the solar industry, which covers not just the production, but the installation of those panels.
“The economy-damaging effects of tariffs are both regrettable and avoidable,” Hopper said. “If the president fails to reverse harmful tariffs, we urge Congress to take action to correct what will be a very bad deal for American workers.”
Yes. Congress must act.
I told you in an earlier piece about the bill introduced by Senator Mike Lee, which would put trade decisions back in the hands of Congress, rather than allowing the president to unilaterally destroy our economy.
It’s a good bill, but they need to move on it, immediately.