Week in Review: Trump targets Canadian aluminum; copper flattens; silver surges
This past week’s metals news covered everything from silver price movements to the copper price rise’s slowdown to the reimposition of tariffs on some Canadian aluminum.
We also broke down President Donald Trump’s recent proclamation with respect to reimposing the Section 232 tariff on some Canadian aluminum. MetalMiner’s Stuart Burns delved into the concern expressed by Ontario Premier Doug Ford: could Trump target Canadian steel next?
As our readers know well by now, Trump imposed Section 232 tariffs on imported steel and aluminum of 25% and 10%, respectively, in 2018. During the course of negotiations with Canada and Mexico over the United States-Mexico-Canada Agreement (USMCA) — the successor to NAFTA — the U.S. rescinded the tariffs in May 2019.
Now, at least for unalloyed aluminum from Canada, the tariff is back.
The Aluminum Association called the tariffs the “wrong approach.”
Furthermore, the tariff comes in a time when beverage makers are struggling with an aluminum can shortage.
For the buyers out there, if you are under pressure to generate cost savings in aluminum, steel or anything else, make sure you are following these five best practices.
But the tariff storyline is but one thread in the world of metals.
Before we head into the weekend, let’s take a look back at the week that was:
MetalMiner Week in Review, Aug. 10-14
- Stuart Burns took a look at the shipping industry and how rates are faring several months into the global pandemic.
- With an eye to the November presidential election, Burns also broke down Democratic presidential hopeful Joe Biden’s plan for net-zero electricity emissions.
- Copper prices trended sideways last month, Maria Rosa Gobitz explained.
- Could the U.S. slap tariffs on Canadian steel once again?
- China’s aluminum imports skyrocketed in June.
- The Department of Defense is moving forward with rare earths projects slated for locations in Texas and California.
- The silver price has skyrocketed since March but showed signs of slowing this week.
- Chinese demand and supply concerns in Brazil have supported the iron ore price.
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