Trump threatens tariffs on oil imports to 'protect' U.S. energy workers

[Eugene]

Source: Reuters

BUSINESS NEWS APRIL 4, 2020 / 5:44 PM / UPDATED 26 MINUTES AGO

Trump threatens tariffs on oil imports to 'protect' U.S. energy workers

Jeff Mason, Timothy Gardner
3 MIN READ

WASHINGTON (Reuters) - U.S. President Donald Trump said on Saturday he would impose tariffs on crude imports if he has to “protect” U.S. energy workers from the oil price crash that has been exacerbated by a war between Russia and Saudi Arabia over market share.

“If I have to do tariffs on oil coming from outside or if I have to do something to protect our ... tens of thousands of energy workers and our great companies that produce all these jobs, I’ll do whatever I have to do,” Trump told reporters in a briefing about the coronavirus outbreak.

Oil prices have dropped by about two-thirds this year as the pandemic crushes demand and as major producers Russia and Saudi Arabia boost output in a war over market share.

-snip-

As oil prices drop, many heavily leveraged U.S. energy companies face bankruptcies and workers are at risk of layoffs. After meeting with industry executives on Friday, Trump said he was not considering tariffs at the moment, but it was a tool that could be used “if we’re not treated fairly.”

Two major industry groups, the American Petroleum Institute and American Fuel & Petrochemical Manufacturers, told Trump in a letter on Wednesday that tariffs on oil imports would jeopardize the domestic refining business as some plants depend on crude from abroad.

-snip-

Read more: https://www.reuters.com/article/us-global-oil-trump/trump-threatens-tariffs-on-oil-imports-to-protect-u-s-energy-workers-idUSKBN21M0V8

[C_U_L8R]

1. He's clueless.

[nature-lover]

2. Wish someone could make him understand how tariffs work. Maybe a 5th grade teacher?

[S.E. TN Liberal]

3. With millions becoming unemployed, he plans to help just those in the oil industry.

The result of his “help” will be higher gas prices for those who still have to work.
How is this trusting in “capitalism”?

[exboyfil]

4. I know the natural reaction is to be anti-Trump

but I actually think done properly that this is a good idea. We want both low gas prices and folks to stop using gasoline - the two are mutually exclusive. The Europeans accomplish this by high taxes on diesel. I also think we need to spend some time considering what it takes for us to keep the Saudi, Iraq, and Iran fields continuing to pump oil (multiple aircraft carrier groups).

It might make our domestic oil producers richer, but it also helps to employ those workers. Of course this needs to be combined with a plan to get us off hydrocarbon consumption.

[no_hypocrisy]

5. But Trump tweeted yesterday about his beautiful phonecall to his BFF MSB in Saudi Arabia

and everything would be all right now.

I'm confused. Which is it ? ? ? ?