Trump's 25% Tariff Will Drive Up US Prices of Aluminum and Steel [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
Aluminum and steel face the biggest impacts in metals from Trump's tariff threat, since Canada and Mexico are top suppliers to the US, according to analysts led by Alexander Hacking. The US gets about 70% of its aluminum from abroad, with 60% of that from Canada. Steel imports account for 24% of US supply, with Canada providing about a quarter of the amount and Mexico approximately 15%. A 25% tariff as announced by Trump on Monday would likely cause steel prices to rise by $100 to $150 a short ton, the analysts said in a Nov. 26 note. For aluminum, a US premium over London Metal Exchange prices could more than double to as much as 50 cents extra per metric ton — a move that could benefit six US domestic smelters. Still, the analysts warn “it could take years to reconfigure this supply chain.” Mexican President Claudia Sheinbaum has suggested her country could respond to Trump's threatened tariffs with levies of its own, warning the economic consequences would be dire. Given that
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