Here is everything Trump has wrong on Brazil. Including Brazil steel exports to the U.S.
Brazil’s Currency: Not The Renminbi
“The real has weakened this year for ‘good’ reasons,” says Jan Dehn, head of research for the Ashmore Group, a $95 billion asset manager primarily invested in emerging market debt. This has led to an increase in the demand for dollars to repay debt. More demand for dollars means less demand for reals as companies sell reals to buy dollars to pay back loans. That’s pushing the currency lower in the short term.
Last week, November export numbers were corrected showing the trade balance is in surplus to the tune of $37.6 billion year to date. That surplus is not to the detriment of U.S. steel manufacturers, or the U.S. farmer, as Trump believes.The problem is China tariffs on U.S. soy leading to what amounts to bans on Chinese companies buying American soy. They’ve turned to Brazil.
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