Last week, President Joe Biden announced a sizable tariff hike on Russian metals, minerals, and chemicals. Most notably, the tariff on Russian aluminum will increase to a whopping 200%.
Biden’s Proclamation on Adjusting Imports of Aluminum Into the United States insists that this tariff hike will punish Russia for invading Ukraine and strengthen America’s national security. It won’t accomplish either objective. What it will do is worsen US inflation, not just with respect to what—if anything—American manufacturers buy from Russia directly, but because Biden wants our trade partners to implement their own 200% tariffs on Russian aluminum.
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