This morning in metals news: General Motors will invest $51 million to install equipment at its Bedford, Indiana aluminum casting die foundry; nickel prices have gained this past month; and, lastly, the U.K. trade minister reportedly told the U.S. they could consider expanding tariffs on U.S. goods if the U.S. does not remove the Section 232 tariffs on steel and aluminum.
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GM to invest in aluminum die casting foundry
General Motors is investing $51 million to install new equipment at its aluminum die casting foundry in Bedford, Indiana.
The new equipment will support support the manufacture of “drive unit castings for the upcoming Chevrolet Silverado EV and other current casting applications.”
GM will unveil its all-electric Silverado at the CES trade show Jan. 5, 2022, in Las Vegas, Nevada.
Nickel prices rise
Nickel prices have gained over the last month, according to MetalMiner Insights data.
The LME three-month nickel price closed earlier this week at $20,275 per metric ton. The price marked an increase of 3.58% month over month.
LME nickel trading volumes have remained relatively consistent over the last month. Volumes peaked at 91,012 on Nov. 15, according to LME data.
UK could expand retaliatory tariffs on US
Recently, the U.S. and E.U. reached a deal that will see to the imposition of a tariff-rate quota system for steel and aluminum from the E.U. coming into the U.S.
However, in a post-Brexit world, the U.K. was not a part of that deal.
According to the Financial Times, the U.K. continues to urge the U.S. to remove the tariffs. Per the report, the British trade minister, Anne-Marie Trevelyan, said the U.K. could expand retaliatory tariffs on U.S. goods if the tariffs are not removed.
In 2018, former President Donald Trump, using Section 232 of the Trade Expansion Act of 1962, imposed tariffs on imported steel and aluminum of 25% and 10%, respectively.
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