Alcoa’s CEO Says Trump Tariffs Could Wipe Out 100,000 U.S. Jobs | Global News Avenue

Aluminum (aa) CEO William Oplinger said Tuesday that his aluminum manufacturing company believes the tariffs proposed by President Donald Trump will hurt the industry.

“We obviously are based on the fact that this fact is not good for the American Alcoa,” Oplinger said at the meeting, according to a transcript provided by Alphaense. “It’s bad for American workers.”

Oplinger said Tuesday that due to 10% Tariff energy Or key mineral commodities from Canada and 25% Tariffs for steel and aluminum It will take effect on March 12. Trump’s first round Tariffs to Canada and Mexico It was postponed for one month and is scheduled to start on March 4.

“I didn’t reach the 35% tariff figure, but we think (a) the 25% tariff will destroy about 20,000 direct American aluminum industry jobs and may lead to the elimination of 80,000 indirect jobs in the United States,” Oplinger said.

Oplinger says the U.S. imports about 4 million tons of aluminum each year, of which 2.8 million are From CanadaAlcoa has production facilities there. Aluminum has a range of large and small scale industrial uses.

Oplinger says the company is still evaluating whether to invest in the increase Made in the United States Because Alcoa makes investment decisions with a “20-40-year perspective”, tariffs may be extended.

Alcoa shares fell nearly 2% on Tuesday, up about 35% over the past 12 months.