Oil expert says Trump’s trade policies are hurting industry

A policy chief for the largest U.S. trade association for the oil and natural gas industry says he’s “very concerned” about President TrumpDonald John TrumpDemocrats ask if they have reason to worry about UK result Trump scramble to rack up accomplishments gives conservatives heartburn Seven years after Sandy Hook, the politics of guns has changed MORE’s escalating trade war with China.

“We’re not taking an opinion as to whether this is the right or wrong route. Our concern really is the direct impact right now. Is a trade war a good idea or a bad idea, that’s for the president to decide,” Kyle Isakower, vice president for Regulatory and Economic Policy at the American Petroleum Institute (API), told Hill.TV co-host Krystal Ball during an interview aired on Wednesday.

“What we can feel however today is the imposition of these policies is hurting American business today and certainly hurting the oil and gas industry in terms of our ability to purchase steel that we need for our infrastructure,” he continued.

Isakower is particularly concerned about China’s latest retaliatory measures, citing the country remains a key market for liquid natural gas (LNG).

Beijing announced on Tuesday another round of tariffs on $60 billion worth of U.S. goods, ranging from LNG to certain types of aircrafts.

“China is one our most significant destinations for LNG right now and that obviously limits that market moving forward and we would have to find another market to sell that gas,” Isakower told Hill.TV.

There’s also Trump’s 20 percent tariff on steel and 10 percent duty on all imports from Canada, Mexico and the European Union.

The policy chief said this is hurting industry’s infrastructure, and ability to purchase steel for vital equipment like oil pipelines.

“We have seen costs go up to a number of our companies – pipeline companies, specifically – have been impacted by steel because the tariffs were applied retroactively,” he said.

But this is just part of a string of policies to crack down on alleged trade abuses.

Trump on Tuesday announced new tariffs on more than $200 billion worth of Chinese goods, saying the country has been taking advantage of the U.S. on trade for “many years.”

The president also warned that if China responds with another round of retaliatory measures, there will be additional tariffs.

— Tess Bonn

Kyle Isakower joined "Rising" as part of it's “America Energized” series, and API is a sponsor of the news morning show.