Economy News – Update
Recent data from the Ministry of Commerce indicates a significant increase in Emirati aluminum exports to the United States during the first 11 days of this month. Buyers appear to be stockpiling substantial quantities of aluminum ahead of the implementation of new U.S. customs regulations on the metal, which are set to take effect on Wednesday.
In March, exports from the UAE to the U.S. reached 68,560.29 tons, a notable rise compared to just 16,124.88 tons recorded for the entire month of March 2024. This marks the highest monthly export volume in nearly two years for Emirati aluminum shipments to the U.S.
In a broader context, the U.S. has seen the imposition of tariffs on steel and aluminum imports, a measure enacted by President Donald Trump aimed at bolstering domestic production. In the year 2024, Canada accounted for approximately 70% of all aluminum and aluminum alloy consumed in the United States, with the UAE following as the second largest supplier, providing about 8% of the total American consumption last year.
In retaliation to U.S. trade policies, Canada has introduced a 25% countervailing duty on exports of steel and aluminum to the United States, along with duties on a range of other goods including computers and sports equipment.
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