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US to impose steel, aluminum tariffs on Brazil and Argentina

AFP  |  Washington 

The US will imposed tariffs on steel and aluminum imports from Brazil and Argentina, President Donald Trump said in a tweet Monday.

"Brazil and Argentina have been presiding over a massive devaluation of their currencies," he posted, adding this was hurting American farmers.

"Effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries." Trump also called on the Federal Reserve to "likewise act" so other nations no longer "take advantage of our strong dollar by further devaluing their currencies."

Last year, Trump announced global tariffs of 25 percent on steel and 10 percent on aluminum -- but in March agreed to lift them for Argentina and Brazil, as well as a number of other countries initially included.

Referencing these tariffs in a subsequent tweet, the president claimed that US markets were "up as much as 21%" since then. Despite this American steel has continued to suffer with overall employment edging downward, and production halted at blast furnaces last month.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 18:50 IST