WASHINGTON, US President Donald Trump announced Monday steel and aluminum tariffs on Brazil and Argentina “effective immediately.” “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” Trump tweeted.
He added, “Therefore, effective immediately, I will restore the Tariffs on all Steel and Aluminum that is shipped into the US from those countries.” He urged, “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 and farmers to fairly export their goods. Lower Rates and Loosen – Fed!” he stressed.
According to the Washington Post, Brazilian steel exports to the US accounted for about USD 2.6 billion last year, “making the US one of Brazil’s biggest markets for steel.” As for Argentina, steel and aluminum exports account for about USD 700 million.
In a separate tweet, Trump said, “US Markets are up as much as 21 percent since the announcement of Tariffs on 3/1/2018 – and the US is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!”
Source: Kuwait News Agency