Date: May 19, 2020
President Trump announced Monday morning that tariffs would immediately be restored on steel and aluminum from Brazil and Argentina in response to the countries devaluing their currencies. Both Brazil and Argentina were exempt from the original Section 232 tariffs imposed in March 2018, which placed a 25% tariff on steel and 10% tariff on aluminum. However, Brazil’s steel industry and Argentina’s steel and aluminum industries were given quotas on how much could be imported into the U.S. on June 1, 2018 as part of their exemption.
The President tweeted this morning, “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. The Federal Reserve should likewise 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 manufactures & farmers to fairly export their goods. Lower Rates & Loosen – Fed!”
According to the Washington Post, steel and aluminum exports represent approximately $700 million in Argentina and Brazil’s steel exports to the U.S. account for approximately $2.6 billion.
Source: U.S. Glass