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Trump threatens to rock Brazil & Argentina with renewed tariffs on metals

by Ace Damon
Trump threatens to rock Brazil & Argentina with renewed tariffs on metals

Today´s Deals

US President Donald Trump attacked Brazil and Argentina on Monday for their respective currency depreciations, saying he will immediately reintroduce tariffs on imports of steel and aluminum from them.

“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” Trump tweeted, adding, “So with immediate effect, I will restore the tariffs on all steel and aluminum shipped to the US. of these countries. "

He also called on the US Central Bank to cut interest rates to weaken the dollar.

Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, with immediate effect, I will restore the tariffs for all steels and aluminum shipped to the US from these countries. The Federal ….

– Donald J. Trump (@realDonaldTrump) December 2, 2019

“The Federal Reserve must also act so that countries, of which there are many, no longer take advantage of our strong dollar, further devaluing their currencies. This makes it very difficult for our manufacturers and farmers to export their products fairly. Lower Rates and Loosening – Fed!

Last year, after accusing the two South American countries of weakening their currencies to gain an unfair advantage, the US president imposed a 25 percent tariff on steel and a 10 percent tax on aluminum. He explained the measure as a measure to protect US steel and aluminum factories from foreign competition. Brazil and Argentina later obtained "permanent exemptions" from taxes.

The reserve must also act to ensure that countries, of which there are many, no longer take advantage of our strong dollar, further devaluing their currencies. This makes it very difficult for our manufacturers and farmers to export their products fairly. Lower Rates and Loosen – Fed!

– Donald J. Trump (@realDonaldTrump) December 2, 2019

Latin America's third largest economy, Argentina, is currently facing a deeper economic crisis that has forced the government to impose exchange controls in an attempt to stabilize financial markets. The country has been facing a recession for over a year, weighing in a downward spiral.

The eighth largest economy in the world, Brazil, has survived a severe financial crisis from 2014 to 2016, but is now suffering recession and stagflation.

For more stories on economics and finance, visit RT's business section.

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