The mining group Rio Tinto $RIO (+2.18%) felt only a limited impact on its raw materials in the first quarter from new tariffs imposed by US President Donald Trump on steel and aluminum imports. "However, it is uncertain how the tariffs will affect commodity markets in the future," the company said.
Rio Tinto is the largest foreign supplier of aluminum to the U.S., primarily from smelters it operates in neighboring Canada. The company has previously stated that it has contingency plans to sell aluminum to other markets, such as Europe.
On Wednesday, Rio Tinto said it expects the U.S. economy could be hurt by the tariffs. It noted that trade flows in borates - used in fertilizers, batteries and smartphone screens, among other things - "are already being adjusted in response to the tariffs imposed in the US and China".
According to the company, Rio Tinto's production in California, for example, covers around 30 percent of global demand for refined borates.