The US will impose a 200% tariff on aluminum and derivatives produced in Russia starting March 10, after the White House announced tougher sanctions against Russia’s aggression against Ukraine.
The US will also impose a 200% tariff on imports of aluminum smelted or cast in Russia from April 10.
Russian aluminum produced by Rusal accounts for about 6% of global supply. 7% of Russell’s revenue in the first half of 2022 is allocated to the US. Rusal declined to comment when contacted by Reuters.
Russian aluminum accounts for only a small fraction of the US supply. U.S. imports of crude aluminum and alloys from Russia accounted for 191,809 tons, or 4.4% of last year’s total of 4.4 million tons, compared with 8.9% in 2018 and 14.6% in 2017.
However, analysts said this month that if Russia decides to retaliate with a 200% tariff on aluminum, it could reduce exports of nickel or palladium, which are critical to U.S. imports.
Nickel is essential for the aerospace industry and batteries for electric vehicles. On the other hand, palladium is an important component for automotive catalytic converters in gasoline-powered cars.