Canada could financially back aluminum producers if 50% U.S. tariffs persist, trade group says
Montreal (Reuters) -Canada, if Washington is 50% of 50%, the major aluminum producers such as Rio Tinto to offer financial support to large aluminum producers affected by a US -led trade war recipe Regarding the permanence of metal imports in the medium term, the CEO of the key industry trade group on Saturday said in a statement.
Canada CEO Aluminum Association Jean Simard said in an interview that the first talks could help the sector if Ottawa could not reach an agreement with the key trade partner until July 21st.
Although the large aluminum producers operating in Canada do not have liquidity problems, Simard said that if a 50% US tariff continues inevitably on aluminum imports, it will have an impact on financial.
Bir It is part of a bigger debate that everything is on the table, Sim Simard said, he added that no decision was made. “When 50% of the tariff has entered into force since June 4, it is normal that there are discussions about the effect of businesses on the liquidity of businesses if the situation continues over time.”
Approximately half of all aluminum used in the US is imported and the vast majority comes from Canada, which exports 3.2 million tons of metal last year.
Simard’s comments, Federal Industry Minister Mélanie Joly said that the government was talking to Rio Tinto to provide financial assistance because of overwhelming US tariffs. During a meeting on Thursday, Joly said that Quebec, an important center for the production of aluminum, also known as the aluminum valley of Canada, talked about talks with business leaders in the Saguenay region.
Rio Tinto rejected the comment on Saturday. The Joly spokesman was not available to comment immediately.
US President Donald Trump In steel and aluminum imports, it increased to 50% last month, increased pressure on global steel manufacturers and deepened the trade war of trade, supporting the domestic production of vital materials for construction.
(Reporting by Allison Lampert in Montreal, regulation by Nick Zieminski)
