The cost of aluminum for consumers in Europe buying on the physical market has dropped due to expectations that Canadian shipments under U.S. tariffs from Tuesday will be diverted.

The cost of aluminum for consumers in Europe buying on the physical market has dropped due to expectations that Canadian shipments under U.S. tariffs from Tuesday will be diverted, physical market traders said.

. . .

The U.S. is a major importer of aluminum used widely in the transport, packaging and construction industries, shipping in 5.46 million metric tons of aluminum products in 2023, according the U.S. Commerce Department.

According to the Commerce Department, Canada accounted for 3.08 million tons or 56 per centof aluminum product imports to the United States for domestic consumption in 2023, the latest full year data available.

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  • assaultpotato
    22·
    13 hours ago

    Isolated economies perform worse in the long run, usually by a lot. Fair and open trade is almost always a net benefit for both parties. What Canada needs is a diverse portfolio of trading partners, not 70% of our exports going to the US.

    The Liberal party’s funding of Export Development Canada is an important cornerstone of this that we should not forget come election season.

    • jaemo
      2·
      51 minutes ago

      Isolated economies perform worse in the long run

      Isn’t this a somewhat flawed statement if you consider a long enough timeline? Not saying you’re wrong, just that history keeps happening.

    • Grimpen@lemmy.ca
      6·
      11 hours ago

      Developing more stable trading partners as well. The US is closer, and will always be next door, but I think Trump 2.0 has shown us that we should not integrate our economy with theirs at all, rather just trade with them “opportunistically”. Long term partners should be developed elsewhere.

      EU (CETA), Asia (CPTPP) and CANZUK need to be focused on.

    • Arkouda@lemmy.ca
      51·
      12 hours ago

      I am not speaking about going full isolationist. I am saying we need to isolate our economy more than it is, and focus on domestic production and trade over international trade in the current global climate.

      Canada is in a unique position because we have so much that we could use domestically to produce our own goods that is currently being shipped to other countries. Domestic trade and production should be the default state only turning to international trade when it offers what cannot be produced domestically or when we have an excess not used domestically.

      The article gives the perfect example: Aluminum. We should be producing the things aluminum makes, not selling it to buy back as a products later. Like the fighter jets we still don’t have.

      We should be one of the richest countries in the world and we aren’t because we sell everything, including domestic infrastructure and natural resources, to anyone who will buy them.