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Trump Trade War - Chevron, Shell get first waivers

Steel News - Published on Fri, 13 Jul 2018

Image Source: Wikipedia
The Trump administration has granted the oil and gas sector its first exclusions from a 25% tariff on steel imports, after agreeing with Chevron and Royal Dutch Shell that the specialty steel the companies were importing is not manufactured in the US. The US Commerce Department approved exclusions for 243 metric tons of steel casing and production tubing Shell said it would use when drilling wells in the Gulf of Mexico, and to CVX for 50 metric tons of corrosion resistant stainless steel tubing.

The exclusions mark a victory for the oil and gas industry, which is concerned that the tariffs could raise their costs; the Commerce Department has processed only 241 out of more than 20K steel tariff exclusion requests.

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Posted By : Rabi Wangkhem on Fri, 13 Jul 2018
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