Oil industry warns of fallout from Trump steel tariffs

BIG OIL FEARS TOLL OF TRUMP TARIFFS: Oil and gas industry representatives are expressing worries about new tariffs the Trump administration is imposing on steel and aluminum imports from three key U.S. allies.

The American Petroleum Institute (API) said it was “deeply discouraged” by the new tariffs on Mexico, Canada and the European Union that were announced Thursday, saying that the U.S. is moving in “the wrong direction.

As a result the company said it will be asking for an exemption from the tariffs.