Tags: Trump Administration | trump | tariffs | brazil | argentina

Trump Brings Back Steel Tariffs on Brazil, Argentina

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(Chip Somodevilla/Getty Images)

By    |   Monday, 02 December 2019 06:51 AM

President Donald Trump said Monday morning he will reinstate steel and aluminum tariffs on Brazil and Argentina because he claimed the South American countries are devaluing their currencies.

He announced the move on his Twitter feed.

"Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries," Trump wrote.

"The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen - Fed!"

Inflation has risen in Argentina and its currency value has depreciated under President Mauricio Macri, who took office in 2015. Macri lost his re-election bid in October and will leave office on Dec. 10.

According to Reuters, inflation in Brazil is now at its second lowest level since March 1999. Jair Bolsonaro was sworn in as the country's president in January.

Trump followed up Monday by touting his China tariffs, claiming "U.S. Markets are up as much as 21% since the announcement of Tariffs."

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President Donald Trump said Monday morning he will reinstate steel and aluminum tariffs on Brazil and Argentina because he claimed the South American countries are devaluing their currencies.He announced the move on his Twitter feed."Brazil and Argentina have been presiding...
trump, tariffs, brazil, argentina
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2019-51-02
Monday, 02 December 2019 06:51 AM
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