Heavy job losses across various industries will help bring in a recession and a real estate crash and slow down inflation. The Fed will be forced to respond with rate cuts. Let’s go.
Alcoa warns Trump's aluminum tariff could cost 100,000 US jobs
“Aluminum producer Alcoa said on Tuesday that U.S. President Donald Trump's plan to impose a tariff on aluminum imports could cost about 100,000 U.S. jobs and would itself not be enough to entice it to boost production in the country.
Trump earlier this month said he would impose a flat 25% tariff on aluminum imports "without exceptions or exemptions" in a bid to lift U.S. production of the metal used to make automobiles, cans and other products
The tariff takes effect on March 4.
Pittsburgh-based Alcoa, which produces aluminum in Canada, Iceland, Australia and elsewhere, had trimmed its output in the United States in recent years partly due to electricity costs.
Bill Oplinger, Alcoa's CEO, told the BMO Global Metals and Mining Conference in Florida that the tariffs could cost about 20,000 U.S. aluminum industry jobs and further 80,000 jobs in sectors that support it.
"This is bad for the aluminum industry in the U.S. It's bad for American workers," said Oplinger, an engineer by training who became CEO in 2023, in webcast remarks.
U.S. data showed aluminum smelters produced just 670,000 metric tons of the metal last year, compared with 3.7 million in 2000. Plant closures in recent years, including in Kentucky and Missouri, have left the country largely reliant on imports.
https://finance.yahoo.com/news/alcoa-warns-trumps-aluminum-tariff-151623456.html
US will buy 2 million tons of aluminum from Russia.
Canada can get fucked.