DENVER (AP) - The head of a prominent U.S. energy trade group says President Donald Trump's tariffs on European steel and Chinese goods pose a multibillion-dollar threat to America's energy industry.
But the American Petroleum Institute's Jack Gerard said Thursday he hopes the escalation of trade rhetoric and sanctions with the U.S.' trading partners will ease.
Gerard says tariffs on European steel will drive up the cost of specialized steel imports used for U.S. oil and gas pipelines. China has warned it may slap tariffs on growing U.S. oil and natural gas exports to retaliate for U.S. trade sanctions.
Gerard says he hopes the trade truce reached Wednesday between the United States and Europe is a sign of things to come.
Gerard appeared at an energy round table in Denver.