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Mon Dec 2, 2019, 02:12 PM

Trump Says U.S. Will Impose Metal Tariffs on Brazil and Argentina

The president accused the countries of weakening their currencies and hurting American farmers.

By Ana Swanson
Dec. 2, 2019
Updated 1:19 p.m. ET

WASHINGTON — President Trump said on Monday that he would impose tariffs on steel and aluminum from Brazil and Argentina, a move that would shatter previous agreements struck with those countries and widen a global trade war.

Mr. Trump, in a message on Twitter, accused Brazil and Argentina of manipulating their currencies and 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.”


The Trump administration never imposed tariffs on Brazilian and Argentine metals, though it did force them to limit shipments to the United States under a quota system last year. The United States initially exempted Brazil, Argentina and other countries from the president’s sweeping metal tariffs in March 2018, with the United States saying it would continue negotiations with those countries to improve their trade terms. In May 2018, the United States announced that it had reached an agreement with the countries that would cap their metal shipments at a specific volume each year.

It is unclear what prompted Mr. Trump to reverse those agreements. But last week the Brazilian currency, the real, fell to a record low against the dollar after the country’s economic minister signaled that he was not concerned about exchange-rate fluctuations.

Argentina’s peso has weakened with the country in the midst of an economic crisis.

more...

https://www.nytimes.com/2019/12/02/business/economy/trump-tariffs-brazil-argentina-metal.html

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