Trump to impose 25% tariffs on steel imports from Argentina and Brazil

Blaming Argentina and Brazil for harming American farmers over currency manipulation, US President Donald Trump said on Monday that he would impose tariffs on steel and aluminum imports in retaliation.

Trump tweeted that “Brazil and Argentina are leading a massive devaluation of their currencies. This is not good for our farmers. Therefore, taking effect immediately, I will restore Tariffs on all steel and aluminum that are supplied to the United States from these countries. "

When Trump raised tariffs to 25 percent on rolled metal and 10 percent on aluminum in 2018, both Latin American countries received benefits.

Calling for retaliatory steps, the Brazilian steel industry authority said it was puzzled by the decision and that it was contrary to the spirit of partnership between the two countries. Instituto Aco Brasil said the decision would ultimately hurt US steelmakers who rely on Brazilian steel components for their operations.

Brazil currently ranks third among the countries exporting rolled steel to the United States with 12 percent, only Canada (20 percent) and Mexico (13 percent) export more. At the same time, only 0.5 percent of the steel imported to the United States comes from Argentina.