Aluminum prices in the U.S. climbed to new record highs on Monday as domestic inventories tightened sharply, driven by the Trump administration's steel and aluminum tariffs designed to bolster and revitalize America's industrial base.

According to Bloomberg, the all-in U.S. aluminum price, combining the London Metal Exchange (LME) benchmark and the U.S. Midwest delivery premium, hit a record high of $4,816 per ton, nearly double the level from the December 2023 lows.

The U.S. remains heavily dependent on foreign aluminum imports, lacking any robust domestic production capacity to satisfy domestic demand. Canada, its largest supplier, has seen shipments fall sharply since President Trump imposed aluminum tariffs in March and later doubled them to 50% in June.