"Alkoa": Trump fees added $ 115 million to the cost of aluminum

Alcoa, the largest aluminum -producing company in the United States, said the fees imposed by Canada cost $ 115 million during the second quarter, in a clear indication of the impact of commercial policies pursuing US President Donald Trump on the sector. The company explained that they use the conversion of aluminum shuts produced in Canada in clients outside the United States to reduce the cost of additional fees, during the announcement on Wednesday of quarterly results that exceeded analysts. The company’s shares increased by 1.37% in trading after closing. Metal producers handle the commercial unrest raised by Donald Trump after raising customs duties on steel and aluminum imports, first up to 25% in March, and then in June to 50%, in an effort to revive local production. The cost of fees increased 6 times the cost of customs duties on “Alaua” in the second quarter, the first quarter level by about six times, as the company, based in Pittsburgh, previously reported that the $ 25% fees added 20 million to its expenses at the time. In the same context, the huge mining company “Rio Tinto” revealed Wednesday that the aluminum produced in Canada has a cost of more than $ 300 million during the first half of the year due to the same fees. William Occupational, CEO of “Alkoa”, said during a conference that followed the announcement of the results, that the company held extensive talks with US and Canadian government officials, including direct contact with Trump. Obler has repeatedly warned that US customers will eventually bear the cost of fees set on aluminum producers. He concluded: “Of course, we are not excited about these drawings and our clients in the United States pay much higher prices for aluminum compared to nowhere else in the world.”