This morning in metals news, a recent poll indicates broad support within the U.S. business community for new tariffs on China, Novelis reported its quarterly earnings and Alcoa seeks an exemption from the Trump administration’s aluminum tariff.
Support for Tariffs
Much has been said about the Trump administration’s program of tariffs, but what do U.S. business owners think about the strategy?
According to a recent UBS poll, 71% of respondents said they supported additional tariffs on China. That percentage fell to 66% for Mexico, 64% for Europe and 60% for Canada.
In addition, 88% of respondents said they believed China is engaging in unfair trade practices.
Novelis Posts 10% Increase in Net Income Year Over Year
Novelis reported net income (excluding special assets) increased by 10% year over year in the most recent quarter.
“Outstanding operational performance with increased asset optimization and favorable market conditions contributed to another strong quarter,” President and CEO Steve Fisher said. “Our recent investment announcements in North America and Asia, along with the pending acquisition of Aleris, will diversify our product portfolio and increase our participation in high-demand, high-value markets to meet growing customer demand.”
Alcoa Seeks Tariff Exemption
Alcoa is among the long list of U.S. companies that have applied for an exemption from the Trump administration’s metals tariffs (in this case, the aluminum tariff), The New York Times reported.
According to the report, Alcoa is asking for the exemption because it imports much of its aluminum from Canada, which is one of the countries affected by the tariffs.