U.S. President Donald Trump on Monday said he would restore tariffs on steel and aluminum imports from Brazil and Argentina, surprising officials in the two South American countries who sought explanations.
U.S. President Donald Trump announced on Monday he would immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina, saying in a pair of tweets that the two countries "have been presiding over a massive devaluation of their currencies, which is not good for our farmers." Brazil's President Jair Bolsonaro, an avowed Trump fan who has actively sought closer U.S. ties, said he wanted to speak directly with Trump and that he would also discuss the American president's Twitter declaration with Brazil's economy minister.
Meanwhile, a spokesperson for Argentina's Foreign Ministry said it would begin negotiations with the U.S. State Department following the Trump tweet.
The Brazilian economy has just begun to show signs of recovery after flirting with a recession earlier this year.
Argentina is in recession and could be heading towards a default on government debt.
Following Trump's tweet, emerging market stocks and currencies, including the Brazilian Real and Mexican peso fell.
But shares of U.S. steel companies were on the rise.
Trump also urged the Federal Reserve to prevent countries from gaining an economic advantage by devaluing their currencies, adding "Lower Rates & Loosen - Fed!" Trump has repeatedly pressed the U.S. central bank to lower rates to below zero, arguing that negative rates in Europe and elsewhere give those countries a competitive advantage.
Trump's biggest beef has been with China.
The long-running trade war has upended factory floors and dented business sentiment.
And another round of tariffs on Chinese-made goods is set to go into effect later this month.
Former President Barack Obama made his first appearance on the campaign trail on Wednesday for Democratic nominee Joe Biden, who is locked in a tight race with President Donald Trump in crucial states with just 13 days to go in the campaign.
It is official, the British and Irish Lions will play in a curtain-raiser Testmatch against Japan in Scotland's own Murrayfield stadium next summer, on June26. It will be the first time the Lions have played at home since drawing25-25 with Argentina in Cardiff 15 years ago. The Lions have never previouslyplayed in Scotland, so it is sure to be an exciting moment for fans. Managingdirector Ben Calveley hopes supporters will be able to be present given thecurrent restrictions.
Credit: PA - Press Association STUDIO Duration: 01:16Published
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