Published 20:31 IST, December 2nd 2019
Trump reimposes steel and aluminium tariffs on Brazil, Argentina
President of US, Donald Trump announced the restoration of sanctions on steel and aluminium on Brazil and Argentina on December 2 'effective immediately'.
Advertisement
The President of United States Donald Trump announced the restoration of sanctions on steel and aluminium on Brazil and Argentina on December 2 'effective immediately'. Trump said that both the countries have been presiding over a 'massive devaluation of their currencies which is harming the American farmers. Trump's announcement was not immediately followed by the announcement of the Treasury or Commerce Departments or the Office of the United States Trade Representative.
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. The Federal....
— Donald J. Trump (@realDonaldTrump) December 2, 2019
Argentina and Brazil, both were exempted from 25 per cent steel and 10 per cent aluminium tariffs in 2018 when Trump was trying to avoid a trade war with the countries. Under Trump's agenda of 'America First', he has reportedly taken pride in imposing several sanctions on multiple countries. However, the biggest trade war in the history between US and China is still ongoing after months of the heavy tariff war. However, there have been statements by Trump that 'phase one' of the trade deal with Beijing is on its way and could be ready anytime soon. Additional taxes on Chinese imports are expected to be under effect on December 15.
US Steel jobs
Since China, the world's largest steel producer has fastened its steel production, the US steel jobs have reportedly declined. Trump has assured to reinvigorate the steel jobs but in 2018, the steel industry added nearly 2,400 jobs which resulted in an increase of just over 1 per cent. However, employment in the steel industry is still down to nearly 43 per cent since 1990. During his statement, the US leader called on the Federal Reserve to take actions so that 'many countries' can stop taking advantage of the US dollar by further 'devaluing their currencies'. Warmer trade relations with US have deemed beneficial for both, Argentina and Brazil during the US-China trade war. But, in recent days, both countries have witnessed a drop in their currencies.
20:20 IST, December 2nd 2019