US President Donald Trump announced that he will restore tariffs on all steel and aluminium imports from Brazil and Argentina.
“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.
Both countries have benefited from warmer trade relations with the US under Trump as a result of the US-China trade war, but the two countries have recently seen the values of their currencies drop and this has also affected American farmers.
Brazil’s President Jair Bolsonaro and Argentine production minister Dante Sica said said he would seek talks with Mr Trump and he too would request a conversation with his US counterparts, respectively.
Devaluation of the Brazilian and Argentina currency has increased, The Brazilian real is down more than 8% against the dollar this year, and the Argentine peso is down 37%.