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Bolsonaro Announced on His Social Media That He Will Meet with Paulo Guedes Today to Address the Export Crisis and Dollar Depreciation Mentioned by Trump
President Trump said on Monday that he would restore tariffs on all steel and aluminum shipped to the U.S. from Brazil and Argentina. “Brazil and Argentina have been presiding over a massive devaluation of their currencies. This is not good for our farmers,” Trump wrote on Twitter. “Therefore, effective immediately, I will restore tariffs on all steel and aluminum shipped to the U.S. from those countries.”
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The Argentine Foreign Ministry responded on Monday saying it would begin negotiating with the State Department, according to Reuters. The president of Brazil, Jair Bolsonaro, said he plans to call Trump to try to convince him to back down from the high tariffs.
“I will call him so that he does not penalize us,” Bolsonaro said in an interview with Rádio Itatiaia, Reuters reported. “Our economy basically relies on commodities; it’s what we have. I hope he understands and does not penalize us for that, and I am almost sure he will listen to us.”
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Trump imposed tariffs of 25% on imported steel and 10% on aluminum imports in March 2018, citing national security concerns, although Brazil and Argentina received exemptions.
“Brazil and Argentina are promoting a massive devaluation of their currencies, which is bad for our farmers. Therefore, effective immediately, I will restore tariffs on steel and aluminum that are imported to the United States from those countries,” Trump wrote on Twitter.
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
The Argentine Minister of Production and Labor, Dante Sica, said that steel and aluminum exports to the U.S. were about US $ 700 million this year, Reuters reported.
North American steel companies United States Steel Corp. and AK Steel Holding Corp. opened higher on the news.
“The Federal Reserve must also act so that countries, of which there are many, do not take advantage of our strong dollar by devaluing their currencies even further,” he tweeted. “This makes it very difficult for our manufacturers and farmers to export their products fairly. Lower rates and easing – Fed!”
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