Citing Russia’s war against Ukraine and the Russian aluminum industry’s alleged role in the war effort, President Biden amended Trump’s five-year old order with an official proclamation increasing tariffs to 200% on aluminum and derivative aluminum products from Russia. Buyers and sellers have been anxious.
By: Vivek Aggarwal - Courtesy IndustryWeek
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Courtesy Industry Week
One of the biggest uncertainties in the global aluminum market heading into 2023 was whether the United States and its allies would levy economic sanctions against Russia aluminum over the ongoing war in Ukraine.
The Russian aluminum industry is a key part of its defense industrial base, and the nation also is one of the world’s largest producers of the metal. The U.S. and its allies imposed several economic measures against Russia after it invaded Ukraine a year ago but did not target aluminum.
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