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Mr Trump to Impose 25% on Steel Imports from Argentina and Brazil

Steel News - Published on Tue, 03 Dec 2019

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Accusing Argentina and Brazil of hurting American farmers through currency manipulation, US president Mr Donald Trump said on Monday that he will impose tariffs on their steel and aluminium imports to retaliate. Mr Trump tweeted that "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 & aluminium that is shipped into the US from those countries."

When Mr Trump increased tariffs to 25 percent on steel and 10 percent on aluminium in 2018, both Latin American countries were granted exemptions.

Calling the move retaliation, Brazil's steel industry body said that it is perplexed by this decision and that it goes against the spirit of partnership between the two countries. Instituto Aco Brasil said the decision ultimately hurts US steelmakers who are dependent on Brazilian steel components for their operations.

Brazil currently occupies a third place among countries exporting steel to the US with 12 percent, only Canada (20 percent) and Mexico (13 percent) export more. At the same time, only 0.5 percent of the steel imported to the US comes from Argentina.

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Posted By : Rabi Wangkhem on Tue, 03 Dec 2019
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