US to impose steel, aluminium tariffs on Brazil and Argentina

WASHINGTON (AFP) – The United States (US) imposed tariffs on steel and aluminium imports from Brazil and Argentina, US President Donald Trump said in a tweet yesterday.

“Brazil and Argentina have been presiding over a massive devaluation of their currencies,” he posted, adding this was hurting American farmers. Effective immediately, I will restore the tariffs on all steel and aluminium that is shipped into the US from those countries.”

Trump also called on the Federal Reserve to “likewise act” so other nations no longer “take advantage of our strong dollar by further devaluing their currencies”.

Last year, Trump announced global tariffs of 25 per cent on steel and 10 per cent on aluminium – but in March agreed to lift them for Argentina and Brazil, as well as a number of other countries that were initially included.

Referencing these tariffs in a subsequent tweet, the president claimed that US markets were “up as much as 21 per cent” since then.