Biden-era tax on natural gas repealed, a boon for energy industry

Fr0m The Center Square

America’s natural gas industry celebrated Monday after President Donald Trump signed into law a resolution repealing Biden-era fees on methane emissions.

The Waste Emissions Charge, which Republicans say is the equivalent of a natural gas tax, was authorized by the 2022 Inflation Reduction Act and implemented by the Environmental Protection Agency in November 2024.

The resolution rescinds that regulation under the Congressional Review Act. The CRA legislation gives Congress the authority to repeal regulations issued during the final months of a previous administration.

House Committee on Energy and Commerce Chairman Brett Guthrie, R-Ky., called the repeal “a victory for the American businesses and families who would have been forced to bear the cost of the Biden-Harris Administration’s natural gas tax.”

“It’s time to restore American energy dominance by harnessing innovation and producing the natural gas needed to support our electric grid,” Guthrie added.

Energy experts who testified before Congress in February said the high energy prices during Joe Biden’s presidency directly resulted from increased environmental regulations on energy production. The regulations slowed down domestic energy production and consequently led to increased costs, they said.

The American Exploration and Production Council (AXPC) shares the same view, praising Republicans in Congress and Trump for repealing the Waste Emissions Charge.

“AXPC thanks President Trump for signing the Congressional Review Act legislation – to undo EPA’s flawed rule to implement the natural gas tax,” AXPC CEO Anne Bradbury stated. “While American energy producers remain laser focused on reducing methane emissions, this punitive rule risked undermining those efforts.”

An analysis by the Congressional Budget Office shows that “Charging for methane emissions leads to an increase in the price of natural gas and a decrease in the quantity of natural gas produced and consumed.”

But environmental groups have argued that the legislation will increase energy costs and disrupt efforts to reduce emissions of a potent greenhouse gas. Nearly 80 environmentalist groups recently sent a letter urging lawmakers to keep the regulation, about to take effect, in place.

The Center Square reached out to multiple environmental groups but received no response in time for publication.

Thérèse Boudreaux

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Trump announces UK will fast-track American products under new deal

Published on May 8, 2025

Todayville

MxM News

Quick Hit:

President Donald Trump on Thursday announced the framework of a new trade agreement between the United States and the United Kingdom, calling it a breakthrough that will eliminate red tape and fast-track American exports.

Key Details:

President Trump told reporters the UK would be “opening up the country” to American goods, particularly U.S. beef and other agricultural exports.
Although the current 10% tariff rate on the UK will remain, the agreement offers Britain some flexibility on imports like auto parts and aircraft components while laying the foundation for an “economic security agreement.”
Trump emphasized that the UK has agreed to speed up the customs process for American products: “There won’t be any red tape—very fast approvals.”

🚨 A GOOD DEAL 🚨

President Trump announces the first breakthrough trade deal between America and the United Kingdom. ⬇️ pic.twitter.com/pesMdQlCMY

— The White House (@WhiteHouse) May 8, 2025

Diving Deeper:

President Donald Trump on Thursday revealed that the United States and the United Kingdom have finalized the framework for a new bilateral trade deal, marking the first formal economic pact since his administration’s imposition of “Liberation Day” tariffs last month. Speaking from the Oval Office, Trump said the deal would ease trade barriers and accelerate customs clearance for American exports, with a particular focus on agricultural products like beef.

“They’ll also be fast-tracking American goods through their customs process, so our exports go to a very, very quick form of approval, and there won’t be any red tape,” Trump said. While a 10% tariff on British goods remains in place, the agreement grants London some relief on imports of automobile and aircraft components and extends an invitation to join a broader “economic security agreement.”

Prime Minister Keir Starmer joined the announcement via speakerphone and praised the negotiating team for their work. “This has been under discussion for weeks,” Starmer said, highlighting the roles of Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer in brokering the deal.

The announcement underscores the growing rapport between Trump and Starmer, who previously met at the White House on February 27th. While the final terms of the deal are still being worked out, the Trump administration has positioned this framework as a significant win in its broader push to restructure global trade in favor of American producers.

Business

Global trade reorder begins in Trump deal with United Kingdom

Published on May 8, 2025

Todayville

From The Center Square

By Brett Rowland

Seeking to reorder global trade with America at the center, President Donald Trump announced the framework of a trade deal with the United Kingdom on Thursday.

Prime Minister Keir Starmer, since 2024 leader of a nation that maintains a special relationship with the U.S. including a more even trade balance than with other countries, spoke with the president by phone during an Oval Office meeting Thursday morning.

“This is turning out to be a great deal for both countries,” Trump said.

The 78-year-old second-term Republican president said the deal would improve market access for U.S. products in the United Kingdom, and improve the relationship between the two countries. Trump said it was the first of many deals from his trade team.

The 62-year-old leader of the Labour Party said the deal would create new jobs in both nations.

“We can finishing ironing out some of the details, but there’s a fantastic platform here,” Starmer said, calling the deal “historic.”

Commerce Secretary Howard Lutnick said the U.S. has balanced trade with the United Kingdom. Lutnick said it would add $5 billion in market access to the U.S. Lutnick said the United Kingdom would get a 10% tariff on 100,000 automobile imports to the U.S., lower than the 25% tariff on foreign autos for other nations.

Lutnick said the lower tariff would protect jobs in the UK.

On social media, Trump wrote, “Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal – Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day. As part of this Deal, America will raise $6 BILLION DOLLARS in External Revenue from 10% Tariffs, $5 BILLION DOLLARS in new Export Opportunities for our Great Ranchers, Farmers, and Producers, and enhance the National Security of both the U.S. and the UK through the creation of an Aluminum and Steel Trading Zone, and a secure Pharmaceutical Supply Chain. This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS. Many more to come — STAY TUNED!”

Trump announced a slate of higher tariffs on foreign nations on April 2, which he dubbed “Liberation Day” for American trade. On April 9, Trump paused those higher rates for 90 days to give his trade team time to make deals with other countries.

When Trump temporarily suspended the higher tariffs on April 9, he kept a 10% baseline tariff in place along with a 25% import duty on foreign autos and auto parts. He also kept 25% tariffs on foreign steel and aluminum.

Trump also imposed 145% tariffs on China, which retaliated with 125% tariffs on U.S. goods. Those tariffs remain in place, although the two nations are set to begin talks this weekend.

Economists, businesses and many publicly-traded companies have warned that tariffs could raise prices on a wide range of consumer products.

Trump has said he wants to use tariffs to restore manufacturing jobs lost to lower-wage countries in decades past, shift the tax burden away from American families, and pay down the national debt.

A tariff is a tax on imported goods. The importer pays the tax and can either absorb the loss or pass the cost on to consumers through higher prices