The president accused the countries of weakening their currencies and hurting American farmers.
President Trump said on Monday that he would reinstate tariffs on steel and aluminum from Brazil and Argentina, accusing the two countries of artificially weakening their currencies and hurting American farmers.
Mr. Trump, in a message on Twitter, said the currency manipulation by Brazil and Argentina was hurting American farmers. “Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries. ”
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. The federal ….
– Donald J. Trump (@realDonaldTrump)December 2, 2019
The Trump administration initiallyexempted Brazil and Argentinafrom the president’s sweeping metal tariffs in 2018, after the United States said it had reached trade deals with those countries.
It is unclear exactly what prompted Mr. Trump’s message. But last week the Brazilian currency, the real,fell to a record lowagainst the dollar after the country’s economic minister signaled that he was not concerned about exchange-rate fluctuations.
Argentina’s peso has weakened as the country has been in themidst of an economic crisis.
But both Argentina and Brazil have benefited from the president’s trade war with China, which has hurt American exports of soybeans and other products.
Brazil and Argentina have picked up much of that business, replacing the United States as a large purveyor of farm goods to China.
This is a developing story. Check back for updates.
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