Restored tariffs????

Trump announces restored tariffs on Argentina, Brazil

In the early morning tweet announcing the tariffs, the president called out the two countries for devaluing their currency.

By QUINT FORGEY

President Donald Trump on Monday announced he would reinstate tariffs on aluminum and steel imports from Argentina and Brazil, prodding the Federal Reserve to take measures to counter foreign currency devaluation.

“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,” Trump wrote on Twitter.

“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,” he continued. “This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen - Fed!”

Argentina’s government announced in May 2018 that it would voluntarily cap its aluminum and steel exports to the U.S. in order to escape the Trump administration’s tariffs. Days later, Brazil’s government agreed to a quota compromise with the U.S., announcing it would accept the administration’s 10 percent tariff on aluminum paired with a limit on steel exports.

The president has long railed against other countries for allegedly devaluing their currencies in an attempt to bolster their bargaining power in global trade negotiations, while also complaining that the interest rates established by the U.S. central bank are too high.

Trump has frequently accused China of currency devaluation as officials in Beijing remain locked in a prolonged trade conflict with his administration, and he charged last year that Russia had perpetrated similar economic scheming.

The president’s tweets Monday morning come as the White House continues to advocate for congressional passage of Trump’s USMCA trade pact with Canada and Mexico before year’s end.

Trump last week declared the renegotiated NAFTA agreement and other legislative priorities “dead in the water” due to inaction by Democratic lawmakers, while Speaker Nancy Pelosi asserted that House Democrats and administration officials were “within range” of a deal.