Trump announced he would restore tariffs on steel and aluminum imports from Brazil and Argentina, saying in a pair of tweets that the two countries 'have been presiding over a massive devaluation of their currencies, which is not good for our farmers'
WASHINGTON/RIO DE JANEIRO - U.S. President Donald Trump ambushed Brazil and Argentina on Monday, announcing he would restore tariffs on U.S. steel and aluminum imports from the two countries in apparent retaliation for currency weakness he said was hurting U.S. farmers.
U.S. farmers, who have been hit by the U.S.-China trade war, represent a key demographic for Trump ahead of the November 2020 election. They have watched in vain as the trade war has hurt the competitiveness of U.S. agricultural products, allowing their Brazilian and Argentine peers to get rich off China.
Brazil’s president, Jair Bolsonaro, an avowed Trump fan who has sought closer U.S. ties, said in a local radio interview that he would call his U.S. counterpart, who he was confident would listen to Brazil’s concerns. Argentine Production Minister Dante Sica said Trump’s announcement was “unexpected” and he was seeking talks with U.S. officials. Additionally, Argentina’s Foreign Ministry said it will begin negotiations with the U.S. State Department.Argentine steel industry chamber says U.S. tariffs would hit production, employment“We are trying to get more precision and what impact it could have” both commercially and administratively, Sica said. “We do not yet know the magnitude .
Trump also urged the Federal Reserve to lower interest rates so countries “no longer take advantage of our strong dollar. Lower Rates & Loosen - Fed!”
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