Trump to slap tariffs on steel and aluminum from Argentina, Brazil

Trump to slap tariffs on steel and aluminum from Argentina, Brazil

WASHINGTON — President Donald Trump on Monday accused Argentina and Brazil of hurting American farmers through currency manipulation and said he’ll slap tariffs on their steel and aluminum imports to retaliate. Trump also called on the U.S. central bank to take action to prevent other countries from devaluing their currencies. Both South American nations were among a group of U.S. allies that Trump had exempted from steel and aluminum tariffs in March 2018. The president is threatening to reverse that decision and impose the metals tariffs on Argentina and Brazil. Businesses have delayed investments, sapping economic growth, because they don’t know if the agreements Trump reaches with other countries will last or what countries or products he will target next. Hours before he was set to depart Monday for a NATO conference in London, Trump tweeted that “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.” …..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! — Donald J. Trump (@realDonaldTrump) December 2, 2019 Argentina is mired in an economic crisis with rampant inflation, deep indebtedness, widespread poverty and a […]

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