Mexico’s revenge over Trump tariffs disrupting oil industry, US energy CEO says

Mexico is fighting back against President Trump’s tariffs on steel and aluminum. American Petroleum Institute CEO Jack Gerard told FOX Business, the duties pose a significant threat to the energy market.

The retaliatory measures include a 25% import tariff on steel products, 20% on pork products, 20% to 25% duties on cheeses and a 25% duty on bourbon.

“We understand what the president is trying to do in terms of the broader discussions,” he told Maria Bartiromo on “Mornings with Maria” on Wednesday. “We would hope they would think clearly and significantly about energy and what this means for energy as the president is trying to accomplish his broader purposes.”

Mexico has been a valuable trade partner, as it has become a significant source of U.S. imported crude oil. But Gerard said Trump’s policy creates uncertainty for U.S. oil companies.

“We are very concerned that we have now entered into could disrupt the balance we’ve achieved in energy trade,” he added.