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The U.S. is planning a 200% tariff on Russian-made aluminum to be announced “as soon as this week,” Bloomberg reported on Feb. 6, citing unnamed sources privy to the information.
As Russia’s full-scale war nears its one-year mark, the U.S. has reportedly been considering the decision for months.
Bloomberg noted that there have been concerns in the Biden administration regarding the potential “collateral damage” of such a decision on U.S. industries, such as aerospace and automobiles.
Russia is the second-largest aluminum producer in the world after China and traditionally constitutes 10% of aluminum imports to the U.S. The move would effectively end Russian-made aluminum imports to the U.S.
U.S. President Joe Biden reportedly has yet to approve the decision.
On Dec. 10, 2022, Bloomberg reported that the Biden administration was weighing three options regarding Russian-made aluminum: an outright ban, increasing tariffs to levels so punitive that they would effectively serve as a ban, or sanctioning the company that produces the nation’s metal.
In September 2022, Reuters reported that the U.S. and EU had increased Russian aluminum and nickel imports since Feb. 24, with the total value of imports amounting to $1.9 billion in the period.
Bloomberg said there is currently no indication thus far that the European Union (EU) is preparing a similar decision.