Trump Announces Tariffs on Steel and Aluminum From Brazil and Argentina

Steel rods Sao Paulo Brazil

Earlier today Trump restored the tariffs on steel and aluminum from Brazil and Argentina.

President Trump is reimposing steel and aluminum tariffs on Brazil and Argentina.

"The Federal Reserve should likewise act so that countries, of which there are many, no longer".

This surprise announcement came as investors paid close attention to the main trade war - between the U.S. and China. "Argentina also and I gave them a big break on tariffs, but now I'm taking that break off because its very unfair to our manufacturers and very unfair to our farmers". "Lower Rates & Loosen - Fed!"

Brazil and Argentina were exempted from steel tariffs (25 per cent) and aluminium tariffs (10 per cent) past year when Mr Trump was attempting to avoid a trade war with those nations.

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Latin America's third-largest economy, Argentina, is now facing a deepening economic crisis which has forced the government to impose currency controls in a bid to stabilize financial markets. Macri was defeated in elections in October and will leave office next week. Fed officials believe that the USA economy should grow around 1.8 percent a year, near its current pace, while Trump believes the US economy should be growing much faster.

He has also urged the US Central Bank to cut interest rates to weaken the dollar.

Trump's trade war with China hurt USA farmers after Beijing retaliated when the president imposed levies on hundreds of billions of dollars of Chinese-made goods.

Trump followed up Monday by touting his China tariffs, claiming "U.S. Markets are up as much as 21% since the announcement of Tariffs". It has laid off workers and shut down some of its blast furnaces. Shares of AK Steel are down 10%, even as the S&P 500 sets record highs repeatedly.

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