Trump to tariff steel and aluminum from Argentina and Brazil, blaming them for U.S. farmers’ losses

Trump to tariff steel and aluminum from Argentina and Brazil, blaming them for U.S. farmers’ losses

Both countries have benefited from America’s trade war with China to export more agricultural goods to China. 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 America’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’s threat to reverse that decision and impose the metals tariffs on Argentina and Brazil is another example of his mercurial approach to trade policy. 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 on 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." Argentina is mired in an economic crisis with rampant inflation, deep indebtedness, widespread poverty and a currency that has plunged under the leadership of President Mauricio Macri, who came to power in 2015 with promises to boost South America’s second-largest economy. Macri was defeated […]

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