US tariff cut on Canadian aluminum won’t lower Midwest Premium by much: Alcoa
Reducing the US 50% tariff on Canadian primary aluminum will not significantly reduce the US Aluminum Midwest Premium, according to Molly Beerman, CFO of aluminum giant Alcoa. Trade talks between the US and Canada in late August came close to an agreement that would have reduced US 50% tariffs on Canadian aluminum to 25%, but ...
Alcoa CFO Molly Beerman stated that reducing the US 50% tariff on Canadian aluminum to 25% won't significantly lower the US Aluminum Midwest Premium. The failed trade talks between the US and Canada in late August, which aimed to cut US tariffs on Canadian aluminum, collapsed on Aug. 21, leading to retaliatory tariffs on metals and other goods.
Despite the high tariffs, Beerman said Alcoa has seen strong demand for aluminum, particularly in packaging and electrical infrastructure. Canada accounts for 60.5% of US primary aluminum imports, but with limited supply, a preferential rate for Canada wouldn't likely bring the Midwest Premium back to pre-tariff levels.
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