Home » US ready to impose 200% tariffs on Russian aluminum

US ready to impose 200% tariffs on Russian aluminum

by admin
US ready to impose 200% tariffs on Russian aluminum

The United States is preparing to impose a 200% tariff on aluminum produced in Russia. As reported by Bloomberg, the new sanction would take effect this week, a few days before the first anniversary of the invasion of Ukraine.

The move has been under consideration for months, to counter the cheap exports of aluminum from Russia that harm American producers. President Joe Biden has yet to give the official green light to the measure, which however would raise doubts due to the possible collateral damage to some US industrial sectors, including aerospace and automotive.

In fact, such high tariffs would compromise aluminum imports from Russia, the world‘s second largest producer of the metal and would help raise prices, after last year’s decline linked above all to the continuous lockdowns in China, the largest world buyer.

Russia has traditionally supplied 10% of total US aluminum imports, down to just over 3% according to US trade data.

Aluminum imports from Moscow had been almost zeroed in October, in the wake of the first rumors about possible retaliation against the Russian metal. Imports climbed to 11,600 tonnes in November and nearly 11,000 tonnes in December, before declining to 9,700 tonnes in January.

Discussions in recent months have focused on the possible destinations of Russian aluminum should it be suddenly excluded from the US market and from Europe, with China as the main suspect.

At present, aluminum prices are down 1.8% to 2,569.5 dollars.

See also  Marco Travaglio unemployed, but there is always a spare Renzi

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy