Trump doubles tariffs as U.S. steel and aluminum prices soar

Golden 10 Data June 2, after Trump said he would double tariffs on steel and aluminum this week, futures prices tracking the price paid by U.S. manufacturers for aluminum and steel soared. The contract on the New York Mercantile Exchange (COMEX) linked to the full price of aluminum destined for the U.S. Midwest on Monday surged 54 percent to its highest point since at least 2013. The price of aluminum used in a variety of materials, from beer cans to engine blocks and window frames, in the Midwest is 58 cents per pound, or about $1,280 a tonne, higher than the London benchmark contract, suggesting that U.S. buyers may end up paying about 50 percent more than international competitors to get the metal. COMEX steel futures rose more than 8% in early trading on Monday, and while the two contracts are relatively illiquid, their movements suggest that the tariff burden will hit the U.S. aluminum market the hardest. According to Morgan Stanley, more than 80% of the aluminum used in the United States is imported.