The chief executive of Anglo American, one of the world’s largest mining companies, has warned that US tariffs on imports from countries like Australia and South Africa could lead to increased costs for miners.
The company’s CEO, Mark Cutts, stated that the tariffs, imposed in response to the US-China trade dispute, will have a lasting impact on the industry. He said that these costs would be passed on to consumers and ultimately affect the entire supply chain.
Cutts also mentioned that the increase in costs will make it more challenging for mining companies to operate profitably, potentially leading to reduced investment and output.
The warning from Anglo American comes as the US tariffs have already started to affect global commodity prices. The situation highlights the potential risks of trade tensions on the global economy and the mining industry specifically.
Source: https://www.ft.com/content/a55fbf80-bfd5-4cf2-bad7-77a568d733a9