According to a Washington Times report, President Trump says he will reinstate tariffs on steel and aluminum imports from Argentina and Brazil. According to the report, the president had exempted both nations from tariffs on those materials in March 2018, saying he would renegotiate with the countries to improve their trade terms.
In May 2018, the U.S. announced the countries had reached an agreement, capping their metal shipments at a specific volume each year, according to the New York Times.
However, the Washington Post reports that the administration said the move was necessary because the two U.S. trading partners were acting “unfairly to disadvantage the country’s traditional economic pillars.” The president tweeted:
According to Politico, the president has long rallied against other countries for allegedly devaluing U.S. currency in an attempt to bolster bargaining power in global trade negotiations, while also saying U.S. interest rates are too high.
If these tariffs are imposed, they could do “considerable damage” to South America’s two biggest economies, according to the New York Times.
Source: The Washington Times, The New York Times, Politico, The Washington Post
