Alcoa (NYSE:AA) stock is on the rise Wednesday as President Joe Biden introduced a positive catalyst for the company’s shares.
As part of his reelection campaign, Biden said he wants to triple the current tariffs on steel and aluminum coming out of China. The current tariff on Chinese steel and aluminum is sitting at 7.5%.
National Economic Council Director Lael Brainard said the following about the move by President Biden to CNBC:
“China’s policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry […] China cannot export its way to recovery. China is simply too big to play by its own rules.”
What This Means for AA Stock
Alcoa is one of the major producers and sellers of bauxite, alumina and aluminum products in the United States. If Biden moves forward with plans to triple tariffs, it could result in more business for the U.S.-based company from customers hoping to avoid expensive tariffs.
AA stock is up 3% as of Wednesday morning following the statements made by Biden. That also has the stock up 11.8% since the start of the year.
The recent movement for AA stock comes alongside some 2.6 million shares trading hands. This is still below its daily average trading volume of about 6.2 million shares.
There are more stock market stories ready to go down below!
We have all of the hottest stock market news available on Wednesday! A few examples include what’s happening with shares of CleanSpark (NASDAQ:CLSK), ASML (NASDAQ:ASML) and Riot Platforms (NASDAQ:RIOT) stock today. All of this news is ready at the following links!
More Stock Market News for Wednesday
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- Bernstein Is Pounding the Table on Riot Platforms (RIOT) Stock
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
