Latest news with #Canada-made
Yahoo
17-07-2025
- Business
- Yahoo
Alcoa Says Trump Tariff Added $115 Million in Aluminum Costs
(Bloomberg) -- Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Alcoa has had extensive conversations with administrations on both sides of the border, including directly with Trump, Alcoa Chief Executive Officer William Oplinger said on a call following the earnings report. Oplinger has repeatedly warned US customers will bear the costs of tariffs on aluminum producers. 'While we're not particularly thrilled with the tariffs,' he said, 'our customers are paying significantly higher for aluminum in the United States than anywhere else in the world.' (Updates with share price) How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Forget DOGE. Musk Is Suddenly All In on AI The Quest for a Hangover-Free Buzz How Hims Became the King of Knockoff Weight-Loss Drugs ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
16-07-2025
- Business
- Bloomberg
Trump Says Drug Tariffs Are Probably Coming
By and Eleanor Thornber Save Good morning. Donald Trump turns his tariff focus to drugs. Would you trust private equity with your 401(k)? And basketball is set for a growth spurt. Listen to the day's top stories. Donald Trump said he'll probably impose tariffs on pharmaceuticals as soon as the end of the month, and has plans to place levies on semiconductors too. Both risk driving up costs for ordinary Americans. Meanwhile, mining giant Rio Tinto Group said US tariffs on its Canada-made aluminum cost more than $300 million in the first half. Canadian Prime Minister Mark Carney said trade negotiations with the US will 'intensify,' but hinted tariffs will stay.
Mint
16-07-2025
- Business
- Mint
Rio Says Trump Tariffs Added $300 Million in Costs for Aluminum
Bloomberg Published 16 Jul 2025, 09:01 AM IST Mining giant Rio Tinto Group said US tariffs on its Canada-made aluminum generated gross costs of more than $300 million in the first half, in another sign of how President Donald Trump's trade agenda is shaking up metals supply chains. The world's second-biggest miner is also Canada's biggest aluminum producer, and sells the vast bulk of the metal in the US. The miner said it incurred gross costs of $321 million associated with US tariffs on aluminum, but it added that a 'substantial part' of that has been clawed back from higher premiums on US sales. Metals industries are adjusting to the trade tumult unleashed by Trump this year. He slapped blanket 25% import fees on steel and aluminum in March, before raising those to 50% in June. A planned 50% tariff on copper triggered market mayhem, and the administration is probing potential measures on other metals. Rio said premiums in the US market — paid on top of exchange prices — rapidly adapted to the initial 25% tariff, but were not fully compensating for the 50% level by the end of the second quarter. The company shipped about 723,000 tons of aluminum to the US in the first half — equivalent to about three quarters of its output from Canada. Futures tracking aluminum prices in the US have pointed to higher costs for American buyers. Contracts linked to the premium on the metal delivered to the Midwest have almost tripled this year to reach nearly 66 cents a pound, the highest since 2013. This article was generated from an automated news agency feed without modifications to text.
Business Recorder
03-07-2025
- Business
- Business Recorder
Canada's trade deficit in May narrows, exports to US drop
OTTAWA: Canada's trade deficit in May met expectations and narrowed after a record breaking deficit in April, data showed on Thursday, as total exports rose and imports fell even as the impact of the U.S. tariffs dented shipments south of the border. The trade deficit in May was at C$5.9 billion ($4.34 billion), down from a downwardly revised C$7.6 billion in the prior month, Statistics Canada said, led by a 1.1% increase in exports on a monthly basis which followed a 11% slump in April. This was the first increase in exports in four months, Statscan said, and was driven by record exports to the rest of the world, excluding the U.S. Exports and imports to the U.S. dropped to their lowest levels in May, barring the pandemic year of 2020. Exports to the U.S., the destination for three quarters of Canada's outbound shipments, fell for the fourth month in a row with May registering a drop of 0.9%. In volume terms total exports were up 0.7% in May. Canada rescinds digital services tax in bid to advance trade talks with US President Donald Trump has imposed 25% tariffs on imports of Canada-made automobiles and 50% tariffs on imports of steel and aluminum from the north of the border. Canada has also imposedretaliatory tariffs on U.S. This trade skirmish between the two countries whose bilateral trade surpassed a trillion Canadian dollars last year has depleted Canada's exports and has hit the job market. Canada's Prime Minister Mark Carney and Trump have agreed to reach some form of a trade deal by July 21. Canada's total exports for May were at C$60.81 billion, up from C$60.12 billion in April, led by exports of metallic and non-metallic mineral products, Statscan said. This category increased by 15.1% and was driven by mainly exports of unwrought gold which posted an increase of 30.1% to reach a record $5.9 billion. 'Most of the rise was attributable to higher physical shipments of gold to the United Kingdom,' the statistics agency said. Excluding metal and non-metallic mineral products, total exports were down 1.2%, it added. As trade with the U.S. has dropped, Canadian companies have been scouting for opportunities to increase trade with rest of the world. Exports to countries other than the United States rose 5.7% in May to reach a record high, Statscan said, but it was not enough to mitigate the impact of loss of exports to the U.S., as well as China due to a drop in canola and crude oil shipments. Total imports dropped by 1.6% to C$66.66 billion, with imports from the U.S. falling by 1.2% in May. The Canadian dollar slightly weakened after the trade data and was trading down 0.23% to 1.3615 to the U.S. dollar. Yields on the two-year government bonds were up 3.7 basis points to 2.706%.
Yahoo
03-07-2025
- Business
- Yahoo
Canada's trade deficit in May narrows, exports to US drop
By Promit Mukherjee OTTAWA (Reuters) -Canada's trade deficit in May met expectations and narrowed after a record breaking deficit in April, data showed on Thursday, as total exports rose and imports fell even as the impact of the U.S. tariffs dented shipments south of the border. The trade deficit in May was at C$5.9 billion ($4.34 billion), down from a downwardly revised C$7.6 billion in the prior month, Statistics Canada said, led by a 1.1% increase in exports on a monthly basis which followed a 11% slump in April. This was the first increase in exports in four months, Statscan said, and was driven by record exports to the rest of the world, excluding the U.S. Exports and imports to the U.S. dropped to their lowest levels in May, barring the pandemic year of 2020. Exports to the U.S., the destination for three quarters of Canada's outbound shipments, fell for the fourth month in a row with May registering a drop of 0.9%. In volume terms total exports were up 0.7% in May. President Donald Trump has imposed 25% tariffs on imports of Canada-made automobiles and 50% tariffs on imports of steel and aluminum from the north of the border. Canada has also imposed retaliatory tariffs on U.S. This trade skirmish between the two countries whose bilateral trade surpassed a trillion Canadian dollars last year has depleted Canada's exports and has hit the job market. Canada's Prime Minister Mark Carney and Trump have agreed to reach some form of a trade deal by July 21. Canada's total exports for May were at C$60.81 billion, up from C$60.12 billion in April, led by exports of metallic and non-metallic mineral products, Statscan said. This category increased by 15.1% and was driven by mainly exports of unwrought gold which posted an increase of 30.1% to reach a record $5.9 billion. "Most of the rise was attributable to higher physical shipments of gold to the United Kingdom," the statistics agency said. Excluding metal and non-metallic mineral products, total exports were down 1.2%, it added. As trade with the U.S. has dropped, Canadian companies have been scouting for opportunities to increase trade with rest of the world. Exports to countries other than the United States rose 5.7% in May to reach a record high, Statscan said, but it was not enough to mitigate the impact of loss of exports to the U.S., as well as China due to a drop in canola and crude oil shipments. Total imports dropped by 1.6% to C$66.66 billion, with imports from the U.S. falling by 1.2% in May. The Canadian dollar slightly weakened after the trade data and was trading down 0.23% to 1.3615 to the U.S. dollar. Yields on the two-year government bonds were up 3.7 basis points to 2.706%. ($1 = 1.3592 Canadian dollars) Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
