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US duties on steel and aluminum from Argentina and Brazil are back in effect

Published: - 02/12/2019 Author: Di Maggio, EIC
US duties on steel and aluminum from Argentina and Brazil are back in effect

US President Donald Trump has reinstated duties on imports of steel and aluminum from Argentina and Brazil.

"Brazil and Argentina have massively devaluated their currencies, which is not good for our farmers. Therefore, with immediate effect, I will reintroduce duties on all steel and aluminum that is shipped to the United States from those countries," tweeted Trump on December 2.

He then attacked the Federal Reserve, arguing that the central bank should "act so that countries, and there are many, no longer benefit from our strong dollar by further devaluing their currencies. This makes it very difficult for our producers and farmers to export their goods.”

Anticipating the negative reactions from the financial markets, Trump justified his decision as follows: "Since the announcement of duties on March 1, 2018, American markets have risen by more than 21%."

(Official White House Photo by Joyce N. Boghosian)

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