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Thursday, March 30, 2023

The US punishes Russia with a super tariff of 200% on aluminum

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The United States will also apply 200% tariffs on aluminum imports with any amount of primary aluminum smelted or cast in Russia starting April 10.he added.

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Russian aluminum is produced by Rusal and it represents about 6% of world supplies. US supplies accounted for 7% of Rusal’s revenue in the first half of 2022.

Russian aluminum accounts for only a small part of US supplies. US imports of crude aluminum and Russian alloys amounted to 191,809 tons, about 4.4% of the total of more than 4.4 million tons last year, compared with 8.9% in 2018 and 14, 6% in 2017, according to Trade Data Monitor.

However, analysts have said this month that if Russia decides to retaliate for the 200% aluminum tariff, it could limit exports of nickel or palladium, which are important for US imports.

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Nickel is vital to the aerospace industry and electric vehicle batteries. Meanwhile, palladium is a key component for catalysts in gasoline-powered cars.

Source: Ambito

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