President Trump announced tariffs, effective immediately, on all steel and aluminum shipped into the United States from Brazil and Argentina.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers,” Trump said in Monday morning tweet. He then directed his attention to the Federal Reserve, saying the central bank should “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 [manufacturers] & farmers to fairly export their goods. Lower Rates & Loosen — Fed!”
The surprise announcement came after it appeared as though the White House was preparing to dial back its adversarial trade approach in the lead up to next year’s election. The administration appeared close to a deal with House Democrats to revamp the North American Free Trade Agreement, and tensions with China had eased in recent weeks. Read more…
