Refiners' trade group: Tariffs won't make US energy secure, lower consumer costs
A refiners’ trade group knocked President Trump for his 25 percent tariffs on Canada and Mexico, both neighboring nations known for having the largest bilateral free trade agreements with the United States.
“The United States is energy secure, in part because of our trade relationships with Canada and Mexico. Imposing tariffs on energy, refined products and petrochemical imports will not make us more energy secure or lower costs for consumers,” Chet Thompson, president of the American Fuel and Petrochemical Manufacturers, said in a Tuesday statement.
“So, we continue to hope quick resolution can be found with our North American neighbors,” he added.
Both Canada and Mexico responded to Trump’s tariffs with retaliatory measures that are set to increase prices for consumer goods in a range of industries including electricity, wood products and petroleum.
“Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,” Canadian Prime Minister Justin Trudeau said in a Monday statement.
“While we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal,” the prime minister added.
Ontario Premier Doug Ford has also threatened to pull electricity exports in the wake of modifications to trade relations.
Trump’s new policies have also rattled China’s leaders who have promised to impose 15 percent tariffs on imports of food including chicken, wheat and corn, in addition to U.S. cotton.
The Trump administration is planning to enforce additional tariffs that will heavily impact the agricultural industry.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!” he wrote in a Monday Truth Social post.
The stock market has suffered from Trump’s major reform. Economists are expecting prices to continue soaring as the nation’s inflation swells.
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