By Sam Boughedda
Alcoa Corp (NYSE:AA) and Century Century Aluminum Company (NASDAQ:CENX) shares started Monday's session on the front after a report from Bloomberg stated that the U.S. looks set to impose a 200% tariff on Russian-made aluminum as soon as this week.
AA and CENX both gained at the start of the session, although they have since dipped and are now down on the day.
The Biden administration is making the move, which has been discussed for months, to maintain the pressure on Moscow, Bloomberg said its sources told them.
The publication adds that the U.S. is also targeting Russia's metal industry because Moscow has been dumping aluminum on the U.S. market and impacting American companies.
The significant tariffs would virtually end U.S. imports of the metal from Russia, which is the world's second-largest producer of aluminum. In addition, the report states that Russian-supplied aluminum accounts for around 10% of total U.S. imports.
The latest tariffs on Moscow heaps further pressure on the country's economy after unprecedented levels of sanctions following the invasion of Ukraine.