US consumers purchasing physical aluminum are now paying a record US$1,323 per ton in premiums as of Thursday after US President Donald Trump's decision to double tariffs on US aluminum imports to 50% on Wednesday.

The US Midwest duty-paid premium has soared by nearly 190% since Trump's re-election last November for his second term. Consumers typically pay the London Metal Exchange (LME) benchmark price plus this premium, which covers freight and taxes.

The US heavily relies on aluminum imports, primarily from Canada, making these doubled tariffs a significant cost burden.