The countries’ devaluation of currency hurts farmers, the president said
By Diego Flammini
President Trump wants to reinstate tariffs to steel and aluminum imports from two South American countries.
Steel and aluminum products from Brazil and Argentina could face the import duties, the president said in a series of tweets Monday.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” President Trump tweeted. “Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.”
In June 2018, President Trump placed a 25 per cent tariff on steel and a 10 per cent tariff on aluminum from multiple countries.
Any formal notice of tariffs would have to come from the Treasury or Commerce Departments, or the Office of the U.S. Trade Representative.
When a country devalues its currency, it “makes it hard for our manufacturers & farmers to fairly export their goods,” the president added.
Brazilian officials are confident they can come to a resolution with President Trump before any tariffs are implemented.
“I’m going to call him so that he doesn’t penalize us … Our economy basically comes from commodities, it’s what we’ve got,” Brazilian President Jair Bolsonaro told reporters Monday, Reuters reported. “I hope that (President Trump) understands and that he doesn’t penalize us with this, and I’m almost certain he’ll listen to us.”
Farms.com has reached out to U.S. farm groups for comment.