Published: Mon, December 02, 2019

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

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

Brazil and Argentina will face American tariffs on steel and aluminum, President Donald Trump announced early December 2.

"Brazil and Argentina have been presiding over a massive devaluation of their currencies", Mr Trump said.

At its most recent meeting, in October, the Federal Reserve cut short-term interest rates for a third time this year to try to support the USA economy. "I don't see this as retaliation", Bolsonaro said in a radio interview with Brazil's Radio Itatiaia. Brazil and Argentina later secured "permanent exemptions" from the levies.

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.

Trump's trade war with China hurt USA farmers after Beijing retaliated when the president imposed levies on hundreds of billions of dollars of Chinese-made goods. "I'm going to call him so that he doesn't penalize us".

There will always be a debate on whether it is manipulation or is the United States the economy stronger and therefore demands a higher currency. "I hope that he understands and that he doesn't penalize us with this, and I'm nearly certain he'll listen to us". Trump falsely claims China is paying the US billions and billions of dollars in tariffs.


Argentine Production Minister Dante Sica said Trump's announcement was "unexpected", and he was seeking talks with US counterparts.

Trump also urged the Federal Reserve to lower interest rates so countries "no longer take advantage of our strong dollar". He announced the actions in a tweet and in doing so, criticized the Fed for not devaluing the dollar by lowering rates and loosening policy.

After a brief spike in steel prices, US steel producers have struggled since the Trump administration put tariffs into place a year ago.

Trump has repeatedly urged the Fed to lower rates to below zero, saying negative rates in Europe and elsewhere give those countries a competitive edge.

In Brazil, stocks for steelmakers fell sharply as the market opened but quickly reversed their losses.

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