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Trump says he'll slap tariffs on Argentina, Brazil, says they're manipulating currencies

Trump says he'll slap tariffs on Argentina, Brazil, says they're manipulating currencies”

In an early tweet, the president announced he is restoring tariffs on aluminum and steel shipped from Argentina and Brazil, reports the Wall Street Journal.

"The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar", Trump tweeted. Trump said such devaluation "makes it very hard for our manufactures & farmers to fairly export their goods".

This crisis will be a test for Brazil's president Jair Bolsonaro, often called "Trump of the Tropics", who boasts a close relationship with his U.S. counterpart. "Lower Rates & Loosen - Fed!"

Representatives for the Office of the U.S. Trade Representative could not be immediately reached for comment.

Shares in Brazil's Gerdau SA, Usiminas and Cia Siderurgica Nacional SA were up 0.5 percent, 1.4 percent and 1.5 percent in mid-morning trade, respectively.

The president also said that the Federal Reserve should lower rates in order to devalue the US dollar, which would make USA products more competitive on the global market place.

More news: ‘Incredible Story of Survival’: Woman Rescued After 12 Days in Outback

Across the country, farm bankruptcies have surged 24% since September 2018, a few months after USA trade disputes with China and other countries led to higher tariffs on key farm goods including soyabeans, cotton and dairy, according to analysis by the American Farm Bureau Federation.

President Trump leaves for a North Atlantic Treaty Organisation summit in London on Monday, but first he's making headlines in regard to South America.

"Their economy is not comparable with ours; it's many times bigger".

He has also urged the US Central Bank to cut interest rates to weaken the dollar. But it recovered to trade stronger at 4.2230 per United States dollar. Trump falsely claims China is paying the US billions and billions of dollars in tariffs.

Both Brazil and Argentina were among a group of US allies that Trump had exempted from steel and aluminum tariffs in March 2018. It has laid off workers and shut down some of its blast furnaces.

AP reporter Mauricio Savarese contributed to this story from Sao Paulo.



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