Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

200% tariff imposed on Russia aluminum entered into force


April, 10 2023
watermark Economic news

From today, a duty of 200% on the import of aluminum products into the United States, in which there is a metal of Russian origin, comes into force. At the same time, the tariff applies to products regardless of their nominal origin. 


A month earlier, a similar duty on imports of aluminum and aluminum products produced directly in Russia came into force. The White House administration said that all these measures will help American aluminum producers to withstand competition. And given the size of the duty, it can be assumed that all metal imports from Russia to the United States will actually stop. 


Today, the Russian company Rusal is the second largest aluminum producer in the world besides China with a global market share of about 6%. Since the beginning of the conflict in Ukraine last year, no restrictions have been imposed on the Russian metal and the company that produces it, because the American authorities were afraid that such measures could undermine global supplies of this metal.


Last year, the US accounted for 4.6% of Rusal's revenue (6.2% a year earlier). Aluminum from the Russian Federation traditionally accounted for about 10% of the total US imports.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.