Trump to restore tariffs on steel, aluminum from Brazil, Argentina

Cornelia Mascio
Dicembre 2, 2019

U.S. President Donald Trump announced on Monday he would be immediately restoring steel and aluminum tariffs on Brazil and Argentina.

"Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers", Trump wrote on Twitter.

Trump accused both countries of manipulating their currencies to hurt United States farmers, and he paired his action with criticism of the Federal Reserve, notes Bloomberg, which sees the morning moves as significant. Trump said such devaluation "makes it very hard for our manufactures & farmers to fairly export their goods".

President Trump leaves for a North Atlantic Treaty Organisation summit in London on Monday, but first he's making headlines in regard to South America.

"If needed, I can also talk to Trump, I have an open channel with him", he added as he left the presidential palace. The country has been in the grip of a recession for over a year, with the peso in a downward spiral.

Trump has repeatedly urged the USA central bank to lower rates to below zero, arguing that negative rates in Europe and elsewhere give those countries a competitive advantage. Macri lost his re-election bid in October and will leave office on December 10.

Trump has repeatedly assailed the Fed chairman, Jerome Powell, over his leadership and for not cutting interest rates as much as the Republican president would like.

"Their economy is not comparable with ours; it's many times bigger".

Trump's trade war with China hurt US farmers after Beijing retaliated when the president imposed levies on hundreds of billions of dollars of Chinese-made goods. But it also signaled that it planned no further interest rate cuts absent clear evidence of a worsening US economic outlook.

The U.S. has imported about 3.8 million metric tons of steel from Brazil so far this year, most of which are slab, according to U.S. Census Bureau data. But it recovered to trade stronger at 4.2230 per U.S. dollar.

In August past year, he gave South Korea, Brazil and Argentina targeted relief from quotas imposed on inbound steel shipments to protect US producers. It has laid off workers and shut down some of its blast furnaces.

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