US decides not to raise tariffs on Russian palladium, nickel and titanium US
published a list of Russian goods that will be subject to a “sanctioned” import tariff of 35%. Although the tariff covers some of the aluminum and steel, the Biden administration did not impose tariffs on iron, palladium,
The administration of US President Joseph Biden has published a list of 570 Russian commodity items that are now subject to a 35% tariff on imports to the United States (this is a consequence of the April decision to cancel the most favored nation treatment for RUSSIA in trade). By default, the abolition of this status would have led to a continuous increase in import duties on almost all goods from Russia, but Biden, by his decree, established a specific list of goods to which the new ad valorem tariff is applied (as a percentage of the customs value). it comes into effect 30 days after June 27th.
Russian goods subject to the 35% tariff include steel, several types of aluminum products, certain minerals and ores (such as SALT, magnesite), chemical compounds (technical acids, carbonates, etc.), rubber, wood, paper, aviation components, etc. The White House said on June 27 that the annual import value of these goods is estimated at $2.3 billion. Total shipments of goods from Russia to the United States in 2021 amounted to $29.7 billion, of which approximately $19 billion (mainly oil and oil products) was affected by direct sanctions. prohibitions. Thus, about 28% of imports ($8 billion in 2021) are not yet affected by direct sanctions or high tariff barriers.
The import duty on aluminum products from Russia will increase to 35% from 10.5-11%, the industry portal AlCircle notes. According to his estimates, based on the current basic prices for aluminum on the London Metal Exchange and premiums for its delivery to the United States, the duty in monetary terms could reach 58 cents per pound compared to 18 cents per pound now ($1.28 per 1 kg against $0 ,36 per 1 kg). The increased tariff applies only to certain types of aluminum bars and profiles, aluminum wire with a cross-sectional size of more than 7 mm (in 2021, the United States imported such wire from Russia for $61 million, according to the Comtrade foreign trade database), aluminum alloy strips. At the same time, unwrought aluminum (the volume of imports from Russia in 2021 is $522.6 million) was not affected by the high duty.
Critical Metals
The list of goods subject to a 35% import tariff did not include strategic metals that the United States traditionally purchases from Russia and on which it depends to a large extent, namely, palladium, rhodium, nickel, and titanium. In 2021, the United States purchased palladium from Russia for $1.69 billion, rhodium (the rarest and most expensive precious metal used in various industries) for $673 million, and 1 kg of Russian rhodium cost American importers an average of $587 thousand - almost eight times more expensive than Russian palladium. In March and April 2022, the US imported 59 kg of rhodium from Russia for $32–35 million each. All platinum group metals are imported from Russia to the US duty-free.
The import duty on nickel from Russia is also zero. In 2021, the United States purchased this Russian metal for $158.7 million, and in March-April 2022 - already for $60 million. Import duty rates for Russian titanium and products made from it will remain at the level of 5.5-15%. Last year, the US imported $108.8 million worth of titanium from Russia. Although the American aircraft manufacturer Boeing announced in March that it would stop buying titanium from Russia, the metal was not subject to US sanctions . In March-April 2022, American companies purchased Russian titanium and products from it for $25 million.
В отношении стратегических металлов во многих случаях американские покупатели лишены альтернативных источников (например, импортный палладий на 35% обеспечивается Россией) и вынуждены продолжать закупки у России, отмечало S&P Global в начале июня. В целом США и ЕС предпочли не вводить прямые санкции против ключевых российских металлов, сфокусировавшись на энергоносителях и финансовом секторе. Как отмечает S&P Global, компании принимают самостоятельные решения о том, продолжать или нет их закупки у России. Например, американский сталепроизводитель Steel Dynamics решила прекратить закупки российского чугуна, сообщало в начале мая S&P Global Commodity Insights.
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США также оставили без изменений пошлины на ввоз российского чугуна (в чушках, болванках и прочих первичных формах). Его импорт в 2021 году достиг $1,2 млрд.
The Biden administration also did not change the overall tariffs on Russian fertilizer imports (mostly imported duty-free, not counting possible anti-dumping duties) and enriched uranium, other major imports from Russia to the United States. So, in 2021, the United States purchased enriched uranium from Russia for about $600 million, the US Congressional Research Service reported. However, the duty-free import of Russian weapons cartridges will stop (the tariff will increase to 35%). As RBC wrote, in 2021, the purchase of cartridges by American shooters in Russia set a record on the eve of the full entry into force of the embargo on the import of Russian small arms and ammunition, announced back in August 2021. In April, deliveries of Russian cartridges to the United States fell to $6.7 million, compared with $20.5 million in March and $21.9 million in February.
The Biden administration and U.S. G7 partners will seek to gain authority to use the proceeds raised from increased tariffs on Russian imports "to help Ukraine and have Russia pay for" the damage caused by military action in Ukraine, the White House said on June 27.