President Donald Trump announced Monday that the US will "restore" steel and aluminum tariffs on Brazil and Argentina, citing a "massive devaluation of their currencies."
"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," Trump tweeted early Monday morning from Washington.
Formal notices of the tariffs were not immediately announced by the Treasury or Commerce Departments or the Office of the US Trade Representative.
Trump has prided himself on imposing tariffs and hammering trade deals to bolster his "America First" economic agenda. But the biggest deal at the center of the trade war, a US-China trade agreement, has yet to be signed. Additional tariffs on Chinese imports are expected to go into effect on December 15.
Both Brazil and Argentina were exempted from 25% steel and aluminum tariffs last year when Trump was attempting to avoid a trade war with those countries.
The President, in a series of tweets announcing the tariffs on Monday, also called on the Federal Reserve to "act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies."
.....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 & farmers to fairly export their goods. Lower Rates & Loosen - Fed!
— Donald J. Trump (@realDonaldTrump) December 2, 2019
