Massive devaluation of peso and real in Latin America is not good for American farmers, says Donald Trump
U.S. President Donald Trump announced Monday that he will restore tariffs on steel and aluminum imports from Brazil and Argentina.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” Trump said on Twitter.
“Therefore, effective immediately, I will restore the tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.”
Trump also called on the Federal Reserve to take action to prevent countries which “take advantage of the strong dollar by further devaluing their currencies”.
He said that the situation makes it “very hard” for American manufacturers and farmers to fairly export their goods.
Saying that his tariff policy is working, Trump added: “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 imposed a 25% tariff on steel imports and a 10% tariff on aluminum on March 23, 2018 but granted temporary exemptions to Canada, Mexico, Brazil, the EU, Australia and Argentina.