Aluminum ingots. Credit: Rio Tinto
Mining giant Rio Tinto Group said US tariffs on its Canada-made aluminum generated gross costs of more than $300 million in the first half, in another sign of how President Donald Trump’s trade agenda is shaking up metals supply chains.
The world’s second-biggest miner is also Canada’s largest aluminum producer, and sells the vast bulk of the metal in the US. Rio said Wednesday it incurred gross costs of $321 million associated with US tariffs on aluminum, but added that a “substantial part” has been clawed back from higher premiums on US sales.
Metals industries are adjusting to the trade tumult unleashed by Trump this year. He slapped blanket 25% import fees on steel and aluminum in March, before raising those to 50% in June. A planned 50% tariff on copper triggered market mayhem, and the administration is probing potential measures on other metals.
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