Despite the recent attacks in the Gulf, we were surprised to see Saudi shipments have increased substantially. In fact, Saudi oil flows are running at their highest levels since the war began.
Canada and the EU. Russian sanctions. China talks.
“It's going to take some time to get back to the table."
The Canadian retaliatory measures—which include 50% tariffs on US steel and aluminum—came after trade talks between Washington and Ottawa collapsed last month.
The Inola smelter fight now spans state politics and federal policy, while the court case adds new questions over timing and forum.
The breakdown in the US-Canada talks underscores one of the least talked about problems with tariffs. Imposing them is relatively easy (provided they are not overturned by the courts). But when it comes to removing them? A number of industries have grown accustomed to the protection tariffs afford. They will fight tooth and nail to keep them in place. Politicians usually buckle under this backlash, and we suspect this is what happened here.
The tentative trade pact would lower tariffs on some steel and aluminum products from 50% to 25%.
Outside of crude, most other commodity markets finished higher. In the base metals group, copper, zinc, and aluminum each added between 2% to 3%.
The $50-million project is expected to increase domestic primary production by about 10%. The plant had been operating at about 75% of its 230,000-metric-ton-per-year nameplate capacity.
The incentive is geared toward companies who commit to building new facilities or expanding or refurbishing existing plants.