The United States is considering raising the import tariff on Russian-made aluminum to 200%, as it seeks to ramp up pressure on Moscow over its war in Ukraine, but a decision has not been made yet, a U.S. official said on Monday.
"It's something we are considering," the official said, adding an announcement about any tariff increase was not expected this week.
The official's comments came after Bloomberg News that an announcement of a 200% tariff on Russian-produced aluminum could be made as early as this week.
The Russian metal has also been targeted by the United States after being dumped by Moscow on the U.S. market below cost, harming American companies, the report said, citing unnamed people familiar with the matter.
Reuters reported last October that the Biden administration was weighing restrictions on imports of Russian aluminum in response to Moscow's military escalation in Ukraine.
The White House declined to comment on potential new tariffs or other restrictions on Russian aluminum.
Spokespersons for the U.S. Trade Representative's office and the U.S. Commerce Department did not immediately respond to requests for comment.
It was unclear under what authority the Biden administration would impose higher tariffs. The Commerce Department has jurisdiction over anti-dumping and anti-subsidy duties, but these require investigations that typically take months.
PRICES SUBSIDE
Consideration of higher tariffs on Russian aluminum comes as prices for the widely-used metal have fallen from record levels last year, helping to ease inflation. London Metal Exchange three-month aluminum prices reached a record of over $4,073 per tonne in March 2022, the month following Russia's invasion of Ukraine.
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