Aluminium prices sank to a one-week low on Friday after a report the U.S. may trim some import tariffs, though they pared losses after investors decided any impact would be modest.

Aluminum fell in London after reports that President Donald Trump is working to narrow the scope of US import tariffs on some metal products.

U.S. President Donald Trump plans to scale back some tariffs on steel and aluminum goods, the Financial Times reported on Friday, citing people familiar with the matter.

Aluminum prices fell early Friday following a report that President Trump plans to scale back some tariffs on the metal after imposing duties of up to 50% last year. The Trump administration reportedly is reviewing the list of products affected by the levies and plans to exempt some items as trade officials believed the tariffs were hurting