Wall Street Journal (August 26)
“Americans are now paying roughly 75% more for aluminum than the rest of the world. Steel prices in the U.S. are also about 64% higher than in northern Europe.” This is partly because the “metal tariffs are stacked on top of other tariffs on China, which is the world’s largest producer of steel and aluminum.” Under Trump, “the metal tariffs (including copper) have raised some $46.9 billion in revenue for the government during the current fiscal year through June, plus $21.8 billion in 2025. That’s … a nearly $70 billion tax on Americans.”
Tags: $70 billion, 75%, Aluminum, Americans, China, Copper, Government, Metal, Northern Europe, Producer, Revenue, Stacked, Steel prices, U.S.
Reuters (April 20)
“A month after the London Metal Exchange (LME) suspended nickel transactions and cancelled trades amid an epic short squeeze, the Bank of England, the Financial Conduct Authority and the LME itself have launched reviews into what went wrong. They will need to substantially strengthen the world’s premier metal trading venue if it is to survive likely future turbulence.”
Tags: BOE, Cancelled, Financial Conduct Authority, LME, Metal, Nickel, Reviews, Short squeeze, Suspended, Trades, Transactions, Turbulence
