Possible implications of some tariff threats/ZipRecruiter gives us their lay of the labor land/Other

Let's start again with the possible impact of tariffs. Copper is jumping by 3.5% after it was said yesterday that the Commerce Department was going to look into putting tariffs on imported copper in order to defend US production.

The Alcoa CEO speaking yesterday at the BMO Metals, Mining & Critical Minerals conference said this on the impact of possible aluminum tariffs on Canada and Mexico:

"So the tariff situation is dynamic, is the term that I would use...but our current view is that we will have a stacked tariff system from metal coming from Canada into the US. Now, I say Canada, I'm not that focused on Mexico simply because so much of our operations are in Canada and so much of the metal comes for the US from Canada."

"Currently the US is short 4 million metric tons on an annual basis of aluminum. We import, the US imports that from Canada largely, which is 2.8 million metric tons of the 4 million metric tons short, and the other 1.2 million metric tons from different parts of the world."

Between the tariff on aluminum of 25% and a separate 10% on energy and critical minerals, "Our view is that currently those two tariffs would stack for a 35% net tariff coming from Canada. We think that's a particularly bad outcome for a number of reasons and I'll highlight some of them. But first of all, if there is a differential tariff between Canada and the rest of the world, that will incent or motivate metal to go from Canada into Europe, and potentially pull metal from the rest of the world, Middle East and India, into the US. You will literally see ships passing each other that have the exact same products coming from Europe and coming into Canada. And it really makes very little sense."

"I don't have updated numbers for a 35% tariff, but we have a view that a 25% tariff will destroy about 20,000 direct US aluminum industry jobs and could result in 80,000 indirect jobs being eliminated in the US. So we view it's bad for the US."