Trump Tariffs Stimulate US Aluminum Expansion

- Dec 13, 2018-

The output of aluminum ingots increased by 18% from January to November this year. Metal tariffs imposed by US President Donald Trump are helping to stimulate the expansion of the US domestic aluminum industry and exacerbate the oversupply in the aluminum market. Robert E. Scott, an economist at the American Institute of Economic Policy, said in a report presented at an industry conference in Washington on Tuesday that US aluminum production capacity increased and created as new aluminum expansion projects went into production. New jobs. According to data released by the American Aluminum Association, from January to November this year, US aluminum ingot production increased by 18% year-on-year, and US single-month aluminum operating capacity in November was 1.081 million tons, an increase of 46.1%. Jay, the chief legal counsel of Century Aluminum Co., said he hopes to "maintain the competitiveness of these factories and expand the scale when we see market opportunities." Since import tariffs have increased the attractiveness of domestic supply and protected local producers from the 15% drop in metal prices on the London Metal Exchange (LME), the premium paid by buyers this year to ship aluminum to the Midwest has increased by one. More than one. Stocks tracked by the Hong Kong Stock Exchange have rebounded from their lows in October. Harbor Intelligence expects supply surplus to reach 360,000 tons next year as global production rises. Gary said that the expansion of the US aluminum plant will increase the production capacity of 663,000 tons of aluminum and create 1,075 new jobs. According to the Economic Policy Institute, the steel industry has created about 2,700 jobs since February 2018, as Trump's tariffs have spurred growth.