US tariff adjustments trigger domestic shortages and Midwest Premium scrutiny

The U.S. government introduced a program granting a reduced 25% tariff (down from 50%) for domestic smelter operators meeting expansion milestones, but North American supply remains severely constrained with only 4 active smelters. High Section 232 duties continue to inflate the Midwest Premium, which now accounts for over 40% of all-in U.S. transaction prices, prompting congressional calls for an official investigation into regional pricing practices.