US President Donald Trump has slapped Argentina and Brazil with new tariffs on steel and aluminium imports from the two nations.
President Trump took to Twitter to express his displeasure that Brazil and Argentina’s currencies have depreciated, making their exports more competitive to the US. As a result of this, Mr Trump is hitting back.
In addition, he has also asked America’s central bank, the Federal Reserve, to cut interest rates to weaken the dollar. The Fed has already lowered interest rates three times this year, to 1.5-1.75 per cent, but the President wishes to see them much lower.
In his tweet, he wrote:
“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 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!”