Levies on metal imports to raise aluminium, steel prices
The Straits Times|November 28, 2024
NEW YORK - Aluminium and steel will be the most impacted metals under US President-elect Donald Trump's threat to impose 25 per cent tariffs on imports from top suppliers Canada and Mexico, according to Citigroup analysts.

The two US trade partners are the biggest providers of the metals to the US and Trump's plan to levy tariffs on imports of the metals will result in higher steel and aluminium prices across the country, according to analysts led by Mr Alexander Hacking.

The US gets about 70 per cent of its aluminium from abroad, with 60 per cent of that from Canada. Steel imports account for 24 per cent of the American supply, with Canada providing a quarter of the amount and Mexico about 15 per cent.

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