This morning in metals news, Rusal saw its stock tumble after being hit with sanctions by the U.S., President Trump criticizes China’s auto tariffs and the U.S. Department of Commerce issued a final affirmative determination in its countervailing duty probe of stainless steel flanges from China.
Russian Aluminum Firm Hit With Sanctions
Rusal, the world’s second-largest aluminum producer, saw its stock drop more than 40% after it was included on a U.S. sanctions list targeting Russian companies and their owners, Reuters reported.
According to the report, the sanctions list targeted seven Russian oligarch, including Oleg Deripaska, the former president of Rusal.
Trump Hits Back at China Tariffs
As the specter of a trade war grows, so too does the war of words.
President Trump castigated China’s tariffs on automobiles, calling the gap between U.S. auto tariffs and Chinese auto tariffs an example of “stupid trade” in a tweet Monday morning.
The president tweeted: “When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!”
DOC Issues Final Affirmative Determination on Stainless Steel Flanges
In other trade news, the U.S. Department of Commerce issued a final affirmative determination in its countervailing duty investigation of stainless steel flanges from China.
The DOC concluded the products received countervailable subsidies of 174.73%.
The case now moves to the U.S. International Trade Commission, which is scheduled to make a final determination on or around May 21. If it rules in the affirmative, a countervailing duty order will be issued.