Aluminum prices fell Friday after reports that President Trump is considering curbing tariffs on some metal products. At 05:00 ET, aluminum in London slipped 1.7% to $3,045.00 per tonne, down almost 2% this week but still up 2% year-to-date.

The Financial Times reported that the White House is reviewing the list of products affected by Trump's metal tariffs, with some items potentially exempted due to concerns about consumer costs. The Trump administration is also weighing limits on expanding the list of tariffed goods, instead favoring a more targeted national security probe into specific products.

This potential easing of metal tariffs comes amid mounting criticism that these measures effectively act as a tax on Americans. A recent New York Federal Reserve study found that U.S. businesses and consumers paid nearly 90% of the cost of Trump's tariffs in 2025, as the country grapples with a persistent cost-of-living crisis.