Trump Restores Steel and Aluminum Tariffs on Brazil and Argentina

Clay Curtis
December 2, 2019

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

"I'm going to call him so that he doesn't penalise us".

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.

After a brief spike in steel prices, USA steel producers have struggled since the Trump administration put tariffs into place past year. Trump falsely claims China is paying the USA billions and billions of dollars in tariffs.

Inflation has risen in Argentina and its currency value has depreciated under President Mauricio Macri, who took office in 2015.

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Trump has repeatedly urged the US central bank to lower rates to below zero, arguing that negative rates in Europe and elsewhere give those countries a competitive advantage.

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. Brazilian President Jair Bolsonaro - who campaigned as a hardline anti-communist against China's invasion of the Brazilian economy - signed eight trade agreements with dictator Xi Jinping in October. Fed policy makers hold their next meeting on December 10-11. It said in a statement that Brazil's government could not be meddling with the real as the currency is free-floating. "Such a decision ends up hurting the American steelmaking industry itself, which needs semi-finished products exported by Brazil in order to operate its mills".

Brazilian steelmakers' shares fell initially but then rebounded.

He suggested the countries' weak currencies and cheap exports were harming U.S. farmers.

Both South American nations were among a group of US allies that Trump had exempted from steel and aluminum tariffs in March 2018.

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