President Trump announced that the United States will reimpose tariffs on steel and aluminum from Brazil and Argentina after more than a year.
Trump revealed the move early Monday in a series of tweets that accused the South American countries of devaluing their currencies, which puts a strain on the U.S. economy. He also urged the Federal Reserve to act.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” the president said in a tweet.
“The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen – Fed!” he said.
…..Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen – Fed!
— Donald J. Trump (@realDonaldTrump) December 2, 2019
Soon after, Trump added, “U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 – and the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!”
U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 – and the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!
— Donald J. Trump (@realDonaldTrump) December 2, 2019
Republican Sen. Ben Sasse of Nebraska responded to the news by citing the recent elections in Hong Kong, which saw a massive upswell in support for pro-democracy candidates.
“Beijing’s tantrum doesn’t change anything. The U.S. Navy didn’t spank the Chinese Communist Party in last week’s elections, the people of Hong Kong did,” Sasse said in a statement.
Tariffs against Brazil and Argentina were initially imposed in March 2018. In May of that same year, the White House suspended the tariffs against the two South American countries.
