A Canadian aluminum trader that had been struggling to restructure its debt has filed bankruptcy in the U.S. and Canada, saying the American trade war helped push the company over the edge.

Sinobec Group Inc. arranges deals between sellers and buyers of aluminum ingots, as well as finished items like building products, shower doors and fences, the company said in court papers filed in federal court in Illinois on May 27.

For about two years, Sinobec had been working with lenders after defaulting on one of its loans, company owner and chief executive officer Zhong Li said in court papers. Sinobec eventually hired financial advisor Alvarez & Marsal to help refinance about $103 million of debt, and lenders agreed to avoid taking action against the company.

Tariffs imposed in recent months by President Donald Trump hit Sinobec hard, the company said. 

“This has exposed the debtors to the full impact of the trade war,” company restructuring advisor Philippe Jordan, with PricewaterhouseCoopers, said in court papers. “Significant accounts receivable collections have halted, as the supply chain upon which the debtors rely for payment has ground to a halt.”

Sinobec is one of the first companies to directly blame Trump’s trade war for contributing to its bankruptcy. Experts have been predicting a wave of restructurings will hit the U.S. later this year, especially among retailers and importers that rely on Chinese manufacturers. 

In April, the president unilaterally imposed tariffs of 145% on goods from China. Although he later lowered the duties to 45%, the reduction did not help Sinobec because the cost “is still well above the market’s ability to absorb,” the company said in court papers.

Sinobec gets its aluminum from various countries, including China, Turkey and India. Most sales, however, are in North America, with more than 40% of the company’s customers in the U.S., the company said.

Before filing for court protection from creditors, the company had cut staff and reduced salaries. Sinobec employs 76 people at its headquarters in Montreal and in Florida. The company’s assets are worth about $232 million, according to court papers.

The company has between $600 million and $800 million in annual revenues, and carries about $170 million in debts, primarily owed to a banking syndicate led by Bank of Montreal, according to a person familiar with the matter.

While under court supervision, Sinobec will try to sell itself to help repay creditors, according to court papers. A representative of the company declined to comment. 

The case is Sinobec Group Inc., 25-80689, U.S. Bankruptcy Court for the Northern District of Illinois.