Press "Enter" to skip to content

Trump reinstates Brazil, Argentina steel tariffs; reason is farm woes

Trump reinstates Brazil, Argentina steel tariffs; reason is farm woes

1_Steel_pipes_sit_stacked_at_t.jpg

President Donald Trump is reinstating tariffs on steel and aluminum from Argentina and Brazil, nations he criticized for cheapening their currencies to the detriment of U.S. farmers, and he again called on the Federal Reserve to loosen monetary policy. Linking his trade agenda with his Fed criticism in an early morning tweet, he said the two South American countries “have been presiding over a massive devaluation of their currencies, which is not good for our farmers.” The president’s action amounts to retaliation against two nations that have become alternative suppliers of soybeans and other agricultural products to China, grabbing market share away from the U.S. Rural voters, including farmers, are a key constituency for Trump as he heads into the 2020 presidential elections. While the steel tariffs could crimp trade, the Latin American countries gain much more shipping crops to Chinese buyers. In the first 10 months of the year, Brazil has shipped $25.5 billion in farm products…
Source: Trump reinstates Brazil, Argentina steel tariffs; reason is farm woes

Facebook Comments

Disqus Comments

Specify a Disqus shortname at Social Comments options page in admin panel
Mission News Theme by Compete Themes.