U.S. Commerce recommends new tariffs on steel and aluminum imports [Business News Network (BNN) Energy & Resources (Canada)]
Alcoa Corporation (AA)
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Source: Business News Network
U.S. Commerce recommends new tariffs on steel and aluminum imports The U.S. Commerce Department has recommended that President Donald Trump impose tariffs and quotas on imports of steel and aluminum. Commerce proposed a 7.7 per cent tariff on all aluminum imports and 23.5 per cent on the metal when it comes from China, Russia, Venezuela and Vietnam, according to three people familiar with the recommendation. The department also proposed an aluminum quota of 86.7 per cent of 2017 exports, they said, requesting anonymity because the recommendations aren’t public. Commerce is scheduled to brief reporters on its recommendations on both aluminum and steel imports on Friday. U.S. aluminum producers Alcoa Corp. and Century Aluminum Co. jumped along with the price of the lightweight metal on the news. Century surged as much as 9.9 per cent while Alcoa gained 4 per cent. Aluminum on the London Metal Exchange rose as much as 2.4 per cent as of 11:58 a.m. ET. Trump instructed the Commerce Depart
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