Rio Says Trump Tariffs Added $300 Million in Costs for Aluminum
Mining Giant Rio Tinto Group said that the US tariffs in Canada aluminum produce more than $ 300 million gross costs in the first half.
The world’s second largest mining is also the largest aluminum producer in Canada and sells most of the metal in the United States. The miner added that the US has been exposed to gross costs of $ 321 million associated with aluminum tariffs, but a “important part of it” withdrew from higher premiums on US sales.
Metals industries adapt to trade terrestrial released by Trump this year. Before increasing them to 50% in June, 25% of imports in steel and aluminum slapped in March. The 50% tariff and management planned for the market turmoil triggered and investigates potential measures on other metals.
Rio said that the premiums in the US market – above the exchange prices – the first 25% was rapidly adapted to the tariff, but at the end of the second quarter, it did not fully compensate for 50%. The company sent about 723,000 tons of aluminum to the US in the first half – equivalent to about three quarters of Canada.
The monitoring of aluminum prices in the US pointed to higher costs for American buyers. The premium contracts on the metal delivered to the Middle West, the highest since 2013, reached a pound of approximately 66 cents, almost double this year.
This article was created from an automatic news agency feeding without changing the text.
