Alcoa Corp., the largest U.S. aluminum producer, said U.S. President Donald Trump’s 25 per cent tariff on metal imports has cost the company US$20 million since the duties went into effect.
The Pittsburgh-based company incurred the costs on imports of aluminum from Canada, its largest metal-producing region.
The disclosure is one of the first indications that U.S. companies are being adversely affected by the Trump administration’s trade war.
Alcoa, in a statement, said it has “engaged with customers, suppliers and logistics companies to avoid supply disruption.”
The aluminum producer said throughout the beginning of the year it was actively communicating with administrations, governments and policy makers regarding the impact of tariffs on trade.
Chief Executive Officer Bill Oplinger warned investors in February that Trump’s metal import duties would put about 100,000 U.S. jobs at risk.
Joe Deaux, Bloomberg News
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