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Trump talk persuades China to shut cheap aluminum plants: Alcoa
AMERICA's condemnation of cheap Chinese aluminum appears to have cut production in China even before counter measures were implemented, according to the top US producer Alcoa, reports Bloomberg.
The US Commerce Department its report on national security threats posed by aluminum imports, appears to have persuaded China to take action, said Alcoa CEO Roy Harvey, who added that global aluminum prices have surged 28 per cent as a result.
Mr Harvey expects China to continue to close smelters as part of a broader pollution-fighting initiative.
The US launched the investigation under the Trade Expansion Act. President Donald Trump has 90 days to determine whether he wants to take action, which could be in the form of tariffs, quotas or a mix of both.
The Commerce Department "232" study follows a World Trade Organisation complaint filed in the last days of the Obama administration alleging subsidies to Chinese producers that suppressed global prices. Aluminum has surged 28 per cent since then.
The US Commerce Department its report on national security threats posed by aluminum imports, appears to have persuaded China to take action, said Alcoa CEO Roy Harvey, who added that global aluminum prices have surged 28 per cent as a result.
Mr Harvey expects China to continue to close smelters as part of a broader pollution-fighting initiative.
The US launched the investigation under the Trade Expansion Act. President Donald Trump has 90 days to determine whether he wants to take action, which could be in the form of tariffs, quotas or a mix of both.
The Commerce Department "232" study follows a World Trade Organisation complaint filed in the last days of the Obama administration alleging subsidies to Chinese producers that suppressed global prices. Aluminum has surged 28 per cent since then.
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