US Moves to Impose Nearly 133% Anti‑Dumping Duty on Russian Palladium After Sibanye Stillwater Appeal

Washington’s commerce authority has provisionally endorsed an aggressive tariff targeting palladium shipments from Russia, responding to a complaint lodged by Sibanye Stillwater, the operator of Montana’s palladium mines. The near‑133 percent preliminary levy is intended to counter imports that the petitioner says are being sold below fair value, and it represents a striking escalation in trade enforcement for a niche but strategically important metal. Palladium is crucial to catalytic converters and other industrial uses, and a sharp import surcharge would reverberate through manufacturing and vehicle supply chains that rely on refined metal. For Sibanye Stillwater, the prospect of materially higher import costs for competitors bolsters domestic competitiveness and could protect margins at its U.S. operations. Conversely, Russian producers face a sudden barrier to the U.S. market that may force rerouting of exports, discounting in alternative destinations, or lost volumes. Market participants should expect price volatility as the market digests the policy signal ahead of a final determination due later this year. Downstream buyers — notably automakers and parts suppliers — will be watching closely because higher palladium prices would raise component costs and potentially accelerate shifts to alternative technologies or materials. The ruling also tightens the interface between trade policy and industrial strategy, illustrating how targeted duties can be used to shape access to critical inputs. Legal and procedural phases remain: the preliminary decision is not final, and interested parties will have opportunities to respond before duties are confirmed. Still, the government’s stance sends a clear message that trade remedies will be applied forcefully when domestic producers press claims of unfair pricing. If sustained, the levy could reshape sourcing patterns and incentivize additional domestic production or recycling of palladium. The broader geopolitical dimension is tangible: the measure adds another commercial constraint on Russian export channels amid an already fraught international environment. Ultimately, the Commerce Department’s action is a high‑stakes intervention with immediate commercial consequences and longer‑term strategic signals for both industry and policymakers.