WASHINGTON (Reuters) - The United States will impose a 200% tariff on aluminum and derivatives produced in Russia effective March 10, the White House said on Friday as it announced sweeping sanctions related to Russia's invasion of Ukraine.
The United States will also apply 200% tariff on aluminum imports with any amount of primary aluminum smelted or cast in Russia, starting on April 10, it said.
Russian aluminium is produced by Rusal, which accounts for about 6% of global supplies. Supplies to the U.S. accounted for 7% of Rusal's revenue in the first half of 2022. Rusal declined to comment when contacted by Reuters.
Russian aluminum accounts for only a small portion U.S. supplies. U.S. imports of unwrought aluminum and alloys from Russia amounted to 191,809 tonnes, or roughly 4.4% of the more than 4.4 million tonne total last year, compared with 8.9% in 2018 and 14.6% in 2017, according to Trade Data Monitor.
However, analysts have said this month that if Russia decides to retaliate on the 200% tariff on aluminum, it could potentially limit exports of nickel or palladium which are important for the U.S. imports.
Nickel is vital for the aerospace industry and electric vehicle batteries. Palladium, meanwhile, is a key component for autocatalysts in gasoline-fuelled cars.
(Reporting by Doina Chiacu in Washington, Polina Devitt and Anastasia Lyrchikova; Editing by Caitlin Webber)