Rio Tinto (ASX:RIO) CEO Jakob Stausholm took an unusual step by hosting the UK-based mining giant’s earnings call from Washington, as he seeks clarity on President Donald Trump’s latest tariff policies.
Stausholm, whose company has significant operations in Australia and North America, is meeting with US senators and congressmen this week to better understand the administration’s evolving trade strategy.
Speaking from Rio Tinto’s US office, he emphasised that he is not lobbying but rather seeking insight into the government's economic priorities.
"I'm here in Washington because I want to understand what the new government wants to achieve for America," Stausholm said.
He acknowledged that policies are changing rapidly and could have major implications for global trade.
The visit comes as Trump announced plans to impose a 25% tariff on all aluminum imports, including from Canada, beginning in March.
Rio Tinto, the largest supplier of aluminum to the US, produces about half of its 3.3 million tonnes of the metal in Canada.
The company, along with industry partners, successfully lobbied against a similar 2018 tariff, securing an exemption that is now at risk.
Meanwhile, Rio Tinto reported a 7.6% decline in annual profit to $10.9 billion, impacted by weaker demand from China.
While iron ore earnings fell 19%, copper revenue surged 75%, buoyed by expansion projects in Mongolia.
The company also continues to explore growth in lithium and iron ore developments globally.
Despite market challenges, Rio maintained its 60% dividend payout ratio while investing in future projects.
At the time of reporting, Rio Tinto's share price was $118.73.