Trump says he will restore tariffs on Brazil, Argentina ‘immediately’

President Donald Trump speaks at a campaign rally in Sunrise Fla. Tuesday Nov. 26 2019

President Donald Trump speaks at a campaign rally in Sunrise Fla. Tuesday Nov. 26 2019

President Donald Trump is reinstating tariffs on steel and aluminum from Argentina and Brazil, nations he criticized for cheapening their currencies to the detriment of USA farmers, and again called on the Federal Reserve to loosen monetary policy.

Brazilian President Jair Bolsonaro, pictured with Donald Trump at the White House last March, said Monday he would call Trump about his tariff tweet and was "almost certain" the USA president would listen.

The president also said that the Federal Reserve should lower rates in order to devalue the US dollar, which would make USA products more competitive on the global market place. Trump says that by these and other nations deliberately devaluing their currencies, "this makes it very hard for our (manufacturers) & farmers to fairly export their goods", he wrote. Macri lost his re-election bid in October and will leave office on December 10.

Argentina is mired in an economic crisis with rampant inflation, deep indebtedness, widespread poverty and a currency that has plunged under the leadership of President Mauricio Macri, who came to power in 2015 with promises to boost South America's second-largest economy.

"Lower Rates & Loosen - Fed!" he admonished the independent agency. The country has been in the grip of a recession for over a year, with the peso in a downward spiral.

"Their economy is not comparable with ours; it's many times bigger".

He has also urged the US Central Bank to cut interest rates to weaken the dollar.

The Brazilian real was little changed at 4.24 per USA dollar at 7:30 a.m.in NY.

He also has earmarked almost $30 billion for farmers to help make up for their losses.

In August a year ago, he gave South Korea, Brazil and Argentina targeted relief from quotas imposed on inbound steel shipments to protect USA producers.

Domestic demand has slumped along with the energy sector as drillers pull back on purchases of steel pipe.

The U.S. has imported about 3.8 million metric tons of steel from Brazil so far this year, most of which are slab, according to U.S. Census Bureau data. It has laid off workers and shut down some of its blast furnaces. Shares of AK Steel are down 10%, even as the S&P 500 sets record highs repeatedly.

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