[Asia Economy New York=Special Correspondent Joselgina] The U.S. government is reported to impose a 200% tariff on Russian aluminum, effectively blocking imports.
Bloomberg News reported on the 6th (local time), citing multiple sources, that the U.S. is preparing to impose a 200% tariff on Russian aluminum following Russia's invasion of Ukraine. The sanctions are expected to be announced as early as this week.
This move aims to strengthen sanctions pressure against Russia as the one-year mark since the invasion of Ukraine approaches. Russia is the world's second-largest aluminum producer. The U.S. also believes that Russia is selling its aluminum at low prices, harming related American companies. Accordingly, the U.S. has been reviewing options including a complete import ban, high tariffs that would effectively block imports, and sanctions against the Russian aluminum producer 'Rusal.'
However, sources indicated that concerns have been raised within the current administration that imposing high tariffs on Russian aluminum could inevitably harm U.S. industries such as aerospace and automotive. Bloomberg News reported, "Such a steep tariff would effectively block U.S. imports of Russian aluminum," noting that Russian aluminum accounted for about 10% of U.S. aluminum imports but has significantly decreased due to sanction concerns.
The Aluminum Association of the U.S. stated in a press release that day, "The aluminum industry supports all efforts by the U.S. government and the North Atlantic Treaty Organization (NATO) in response to Russia's invasion," adding, "This is an international security and humanitarian disaster that transcends the interests of a single industry."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
