Commodities
Aluminum, Steel Most Exposed Metals to Trump Tariffs, Citi Says
- Citigroup sees impact from targeting Canada and Mexico imports
- US neighbors are America’s top steel and aluminum suppliers
A worker welds bolts on to a sheet at a steel manufacturing plant in San Luis Potosi, Mexico.
Photographer: Mauricio Palos/BloombergThis article is for subscribers only.
Aluminum and steel will be the most impacted metals under President-elect Donald Trump’s threat to impose 25% tariffs on imports from top suppliers Canada and Mexico, according to Citigroup analysts.
The two US trade partners are the biggest providers of the metals to the US and Trump’s plan to levy tariffs on imports of the metals will result in higher steel and aluminum prices across the US, according to analysts led by Alexander Hacking. The US gets about 70% of its aluminum from abroad, with 60% of that from Canada. Steel imports account for 24% of the American supply, with Canada providing a quarter of the amount and Mexico about 15%.