Trump restores tariffs on steel from Brazil and Argentina

Donald Trump wearing a suit and tie US President Donald Trump gestures as he speaks during a

"Lower Rates & Loosen - Fed!"

Both countries, especially Brazil, have been seen as American allies during the Trump presidency. "Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the US from those countries", Trump tweeted early Monday morning from Washington.

Mr Trump accused Argentina and Brazil of "presiding over a massive devaluation" - with exports of both countries being now cheaper and more competitive due to the weak currency.

Inflation has risen in Argentina and its currency value has depreciated under President Mauricio Macri, who took office in 2015. The country has been in the grip of a recession for over a year, with the peso in a downward spiral.

Jair Bolsonaro was sworn in as the country's president in January. The year on year growth in Brazil is 1.01% in the 2Q of 2019.

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At its most recent meeting, in October, the Federal Reserve cut short-term interest rates for a third time this year to try to support the USA economy.

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

"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)!" Trump falsely claims China is paying the USA billions and billions of dollars in tariffs.

After a brief spike in steel prices, USA steel producers have struggled since the Trump administration put tariffs into place a year ago. 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.

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