President Donald Trump's administration allowed the oil and gas sector to purchase metal products without a 25 percent tariff on steel imports, agreeing with Shell and Chevron that the special steel they import is not made in the United States.
Today, the US Department of Commerce approved tariff exemptions for 2,760 tonnes of rolled steel and production tubing that Shell will use to drill wells in the Gulf of Mexico. The ministry also gave Chevron this opportunity for 80 corrosion-resistant stainless steel pipes. Exceptions will only last for one year and are exclusive to both companies.
The deviations mean a victory for the oil and gas industry, which is due to the fact that tariffs will increase costs. The Commerce Department is working with more than 20,000 backlog requests for steel tariff waivers. The agency has processed 280 requests since it decided to withdraw the decision on June 21.
Steel tariffs are already starting to bite for the oil industry as tariffs could increase costs by $ 100 million.
Oil and gas companies get the opportunity to import steel to the United States without tariffs
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Azovpromstal® 15 July 2018 г. 13:53 |
