Trump Tariffs Wipe Out One California Company's Profits [Bloomberg Business News]
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: Bloomberg Business News
More than half of Dan Vincent’s projected 2018 profit was wiped out with a stroke of President Donald Trump’s pen. Vincent runs Pacific Coast Producers , a cooperative in California’s Central Valley that cans produce from 168 family farms. When metal prices soared after Trump launched the stream of tariffs and sanctions he’s been slapping on overseas trading partners, what Pacific Coast Producers pays for cans did, too, by about 9 percent. Vincent said he’s now looking for an opportunity to pass those higher costs on. “We’re going to have to try to get these increases in the markets,” he said. “As with all tariffs, ultimately the consumer pays the bill.” From brewers to auto and jet makers to producers of candy wrappers, companies that use steel and aluminum are reeling, partly from some whiplash. In March, Trump imposed tariffs of 25 percent on imported steel and 10 percent on imported aluminum. Then the White House in short order announced exemptions
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Earnings
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Sec Filings
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- 3/21/24 - Form 8-K
- 3/20/24 - Form DEFA14A
- AA's page on the SEC website