President Donald Trump said Monday that he's reinstating tariffs on steel and aluminum from Argentina and Brazil, criticizing them for what he said is the cheapening of their currencies ot the detriment of U.S. farmers.
“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," he said in the first of several early morning tweet.
In March 2018, Trump authorized a 25% tariff on steel imports and a 10% duty on aluminum.
The U.S., Canada and Mexico reached a deal to remove the steel and aluminum tariffs in May 2019, almost a year after they went into effect.
The US-China Tariff Dispute
The U.S.-China trade war has been dragging on as neither Trump nor Chinese President Xi Jinping willing to back down.
The U.S. is poised to impose an additional 15% tariff on about $156 billion of Chinese products Dec. 15, according to CNBC.
Most recently, the World Trade Organization has said that China can impose compensatory sanctions on U.S. imports worth $3.6 billion.
Related Links:
Report: China Wants Tariff Rollbacks As Part Of Initial Trade Deal
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