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The United States waives tariffs on Canadian imports of aluminum from which Canadian aluminum companies benefit
Jul 24,2019 11:16CST
translation
Source:SMM
In May, the US lifted a 10 per cent tariff on Canadian imports of aluminium, boosting profits from Canadian operations such as Rio Tinto (Rio Tinto) and Alcoa (Alcoa), which will benefit about $200m a year from the abolition of 232tariffs, according to William Oplinger, chief financial officer of Alcoa.
The content below was translated by Tencent automatically for reference.

SMM7, 24 March-the US government decided in May this year that Canadian imports of aluminum will no longer be considered a threat to the national security of the United States, so the tariff of Article 232 imposed on Canadian imports of aluminum was abolished. This month, the World Trade Organization (WTO) also announced that the proceedings between the governments of the United States, Mexico and Canada on item 232 tariffs have been concluded.

The move boosted profits in the Canadian operations of companies such as Rio Tinto (Rio Tinto) and Alcoa (Alcoa).

Last year Rio Tinto produced 1.88 million tons of aluminium in Canada and Alcoa's North American operations 1.67 million tons.

William Oplinger, chief financial officer of Alcoa, said the company would benefit about $200m a year from the removal of the 232tariffs.

Citi expects US demand for aluminium to be 5.57 million tons this year, but in recent days the US has taken a series of steps because of a shortage of domestic supplies.

Tariffs on 35000 tons of Chinese imports of aluminum cans were waived last week.

As early as March this year, a number of enterprises in the US food industry have asked the government to waive some of the tariffs on aluminum used for packaging, and US manufacturers of cans are in dire straits.

Coincidentally, the US Commerce Department had previously approved Tesla's application for a 10 per cent tariff exemption on imported aluminium, which would help Tesla save battery production costs. "correlation analysis-[important] the United States can finally afford to waive the tariff on 35000 tons of aluminum cans imported from China!

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