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A senior official cast the changes as necessary to simplify the policy and provide more fairness to businesses grappling with President Trump’s tariffs.

Aluminum registered its best month in nearly two years as the war in Iran disrupted supplies and damaged local production facilities, tightening the global market.

The Middle East accounts for about 9% of global output of aluminum, used in airplanes, food packaging and solar panels.

European Union officials believe the U.S. will soon streamline its broad tariffs on products containing steel and aluminum, a topic that’s been an irritant in transatlantic relations.

U.S. Trade Representative Jamieson Greer signaled that the Trump administration is open to changing its tariffs on steel and aluminum amid pressure from business groups and trading partners.

The rollback plans were reported earlier by the Financial Times. Aluminum and other metals fell following the report, while shares of U.S. steelmakers and aluminum producers sank.

The blaze is the latest incident at the facility that produces aluminum sheet metal for Ford vehicles including its top-selling F-150 pickup. A fire in September shuttered production.

Alcoa said U.S. tariffs on Canadian aluminum cost it $69 million more than the prior quarter, although higher domestic prices for the metal helped offset the hit. 

The head of the largest U.S. aluminum producer warns import tariffs will destroy demand for American metal, contrary to the Trump administration’s claim that duties will revitalize the industry.

Aluminum producers in Quebec are diverting more of the metal used to make cans and car parts to Europe as rising U.S. tariffs make their shipments more expensive for American customers.