LONDON (Reuters) -Premiums for consumers buying aluminium on the physical market in the United States hit a record 60 cents a lb or $1,323 a metric ton on Thursday after U.S. President Donald Trump imposed higher tariffs on U.S. imports of the metal. The tariffs doubled to 50% on Wednesday. The U.S. Midwest duty-paid premium […]
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US aluminium premiums hit record levels after tariffs take effect
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LONDON (Reuters) -Premiums for consumers buying aluminium on the physical market in the United States hit a record 60 cents a lb or $1,323 a metric ton on Thursday after U.S. President Donald Trump imposed higher tariffs on U.S. imports of the metal.
The tariffs doubled to 50% on Wednesday.
The U.S. Midwest duty-paid premium has gained nearly 190% since Trump was elected in November for his second term as president.
U.S. consumers buying aluminium on the physical market usually pay the London Metal Exchange (LME) benchmark price plus a premium to cover costs including freight and taxes.
The U.S. is heavily reliant on aluminium imports, with the vast majority from Canada.
(Reporting by Pratima Desai; editing by Eric Onstad and Richard Chang)