CENX Sep 2024 16.000 call

China tariffs will boost national security: Century Aluminum CEO

The Biden administration's decision to impose tariffs on $18 billion worth of Chinese goods across various sectors, including aluminum and steel, has sparked discussions about the potential benefits for domestic manufacturers. Yahoo Finance Executive Editor Brian Sozzi is joined by Century Aluminum (CENX) CEO Jesse Gary to discuss how these aluminum and steel tariffs against China will benefit American producers and plant workers, including that of his own company. Gary highlights a concerning imbalance, emphasizing that China produces a staggering 60% of the world's aluminum, while the United States has only 4 smelters dedicated to aluminum production— attributing this to "unfair trade practices on the Chinese side." Gary notes that aluminum has a plethora of use cases in modern-day life, making the inability to produce it domestically "a major problem." "Everyone realizes that in order to be secure, in order to have economic security and national security, we need to be able to produce these core critical minerals at home," Gary tells Yahoo Finance, adding that he is "thrilled" to see the promotion of domestic manufacturers through these tariff measures. Catch Brian Sozzi's exclusive interview with President Biden where he discusses what these new trade tariffs hope to achieve. For more expert insight and the latest market action, click here to watch this full episode. This post was written by Angel Smith