Molson Coors vice chairman Peter Coors penned an op-ed published in The Wall Street Journal this week, urging President Trump to stop the “manipulative business practices that appear to permeate” in the aluminum market.
Coors wrote that the Trump administration’s decision to lift the 10 percent tariff imposed on Canadian and Mexican aluminum imports in May has made 77 percent of imported aluminum tariff-free, though still priced as if tariffs were imposed on it.
“The aluminum market is dominated by a handful of companies that employ archaic and opaque pricing mechanisms,” he wrote. “They are exploiting the aluminum tariffs to profit at the expense of the end user, raising their prices to match tariff prices.”
Coors said Molson Coors pays nearly 20 percent more for aluminum than it did a year ago. In an op-ed published in the WSJ a year ago, he said he hoped “market forces would set the aluminum industry right.” In the latest op-ed, he wrote that government intervention is necessary.
“This metal is too critical to America’s strategic goals to be left to the whims of speculators and the manipulation of a cozy clique of suppliers,” he wrote.