This morning in metals news, every country exempted from the Trump administration’s Section 232 tariffs will be subject to either quotas or restrictions of some kind, copper hit a one-week high and aluminum prices jumped today as Trump administration officials kicked off a trip to Beijing to talk trade.
Quotas and Restrictions for Exempted Countries
Peter Navarro, trade adviser to President Trump, said Thursday that every country that has received an exemption from the Section 232 tariffs on steel and aluminum will be subject to a quota or some kind of restrictions, Politico reported.
This week, the temporary exemptions for the E.U., Canada and Mexico, which were set to expire May 1, were extended 30 days.
Copper Rises to One-Week High
Copper prices hit a one-week high Thursday, Reuters reported.
LME copper rose 0.8% to hit $6,873 per ton, according to the report.
Aluminum on the Rise
As Trump administration officials began meetings in Beijing today with Chinese trade officials, the price of aluminum rose significantly, Business Insider reported.
The aluminum price was up by over 3% Thursday, according to the report.