-The United States is preparing to impose a 200% tariff on Russian-made aluminum as soon as this week, Bloomberg News reported on Monday, as Washington looks to mount pressure on Moscow over its invasion of Ukraine.
The Russian metal has also been targeted by the United States after being dumped by Moscow on the U.S. market below cost, harming American companies, the report said, citing unnamed people familiar with the matter.
The move has been contemplated for months, the report added. Reuters reported last October that the Biden administration was weighing restrictions on imports of Russian aluminum in response to Moscow’s military escalation in Ukraine.
The White House declined to comment on the Bloomberg report, which cited unnamed people familiar with the plans.
Spokespersons for the U.S. Trade Representative’s office and the U.S. Commerce Department did not immediately respond to requests for comment.
The latter agency is responsible for investigating anti-dumping and anti-subsidy cases and in September 2021, imposed a 62.2% tariff on imports of Russian aluminum foil after determining it was being sold under fair value.
Aluminum prices spiked last year, along with other commodities exported by Russia, with London Metal Exchange three month aluminum prices reaching a record of over $4,073 per tonne in March. They have fallen dramatically since then, to a likely range of about $2,441 to $2,500 per tonne this week.