Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump’s trade agenda has affected the industry.

Metals industries are adjusting to the trade tumult unleashed by Trump this year. He slapped blanket 25 per cent import fees on steel and aluminum in March, before raising those to 50 per cent in June. A planned 50 per cent tariff on copper triggered market mayhem, and the administration is probing potential measures on other metals.