Trump Slaps Tariffs on Brazil, Argentina metals - and French Champagne

Trump speaks to reporters at the White House before departing to Fayetteville North Carolina in Washington

Trump speaks to reporters at the White House before departing to Fayetteville North Carolina in Washington

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. The Argentine peso has lost half of its value against the dollar since August 2018.

U.S. Trade Representative Robert Lighthizer said the decision affirmed that European subsidies to Airbus continued to harm the U.S. aerospace industry, and strong action was required to eliminate such market-distorting subsidies. In the first 10 months of the year, Brazil has shipped $25.5 billion in farm products including soybeans and pork to China.

A weaker currency tends to make exports more competitive, while a stronger U.S. dollar makes foreign goods cheaper for American consumers.

He said he had given Argentina "a big break" on tariffs, "but now I'm taking that break off". And deepening bilateral relations benefited both countries, particularly Brazil.

This year through September, Scott said that the "total imports are down about 3.3 million tons and yet, imports from Brazil are up about 3.4 million tons". Solar installers opposed the move because they rely on cheap imported panels to compete with fossil fuels.

President Donald Trump imposed the four-year tariff program on imported panels in early 2018, starting at 30% and dropping by five percentage points each year.

The reinstatement of tariffs will boost USA steel prices, benefiting domestic producers.

However, the President accused them, on Monday (local time), of "presiding over a massive devaluation of their currencies" and harming U.S. farmers in the process.

"Effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the US from those countries".

In a second Twitter post, Trump signalled that he wants the US central bank to do something about suppressed currencies.

The president went on to say the Federal Reserve should "act likewise", so many other countries stop taking advantage of the US dollar by further devaluing their currencies.

Amid a slowing global economy and the impact of Trump's wide ranging trade offensive, mostly directed against China, the Fed has cut the benchmark interest rates three times this year.

Trump has repeatedly said that other countries have been unfairly exploiting the United States for years, and the tariffs are a way to combat that.

"He uses tariffs as central to his strategy", he said, adding that through tariffs, Trump wants to preserve his electoral standing in states, particularly in the upper Midwest, where there has been intensive production of steel and aluminum.

Brazil's President Jair Bolsonaro said he would seek talks with Mr Trump.

"I'll talk to Paulo Guedes now". "I'm going to call him so that he doesn't penalize us ... and I'm nearly certain he'll listen to us".

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 he again called on the Federal Reserve to loosen monetary policy. The administration reached an agreement with both countries to cap their metal shipments to the United States under a quota system.

The Brazil Steel Institute, a trade group that represents domestic producers including Gerdau and Usiminas, said the tariffs could boomerang on American steelmakers because they need "semi-finished products exported by Brazil in order to operate" their mills.

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