U.S. Restores Steel, Aluminum Tariffs on Argentina and Brazil

Discussion in 'Wall St. News' started by dealmaker, Dec 2, 2019.

  1. dealmaker


    U.S. Restores Steel, Aluminum Tariffs on Argentina and Brazil
    President on Twitter accuses both countries of massively devaluing their currencies, saying this isn’t good for U.S. farmers
    President Trump voiced concern about both countries’ devaluing their currencies. Photo: yuri gripas/Reuters
    By William Mauldin
    Updated Dec. 2, 2019 8:02 am ET

    WASHINGTON—President Trump on Monday said he would restore tariffs on steel and aluminum imports from Brazil and Argentina, saying both nations have been devaluing their currencies.

    Mr. Trump made the announcement, which hadn’t been expected, on Twitter. “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” the president wrote.

    “Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” Mr. Trump said.

    The White House didn’t immediately release an order outlining the changes. Mr. Trump has previously ratcheted up and down the steel tariffs on Turkey and other countries in moves attributed to everything from foreign-exchange policy abroad to the detention of an American evangelical pastor in Turkey.

    Brazilian President Jair Bolsonaro said he would discuss Mr. Trump’s measure with Economy Minister Paulo Guedes and reach out to the American president if necessary. “I have an open channel of communication with Trump,” he said to reporters Monday.

    The move comes as Mr. Trump has sought to strike a limited “phase one” deal with China that would likely remove some tariffs on that country, and also as the administration is seeking congressional approval of a new North American trade pact.

    The steel and aluminum tariffs were imposed globally in 2018 in a move that preceded the trade war on China. Some economies—including the European Union, Canada and Mexico—received temporary exemptions from the tariffs that were later removed, subjecting their metals to the duties.

    After repeated intervention from Sen. Chuck Grassley (R., Iowa) and other senior Republican lawmakers, Mr. Trump removed the metals duties on Canada and Mexico, paving the way for possible ratification of a new North American trade agreement known as the U.S.-Mexico-Canada Agreement, or USMCA.

    Argentina and Brazil quickly hammered out deals with the Trump administration to obtain exemptions to the steel and aluminum tariffs, but other economies, including the EU and China, have long been subject to the duties.

    The Trump administration has used a national-security law known as Section 232 to impose the tariffs, and many lawmakers have criticized the use of the law, which is facing a federal court challenge, because it penalizes countries and allies that aren’t always accused of shipping dumped or subsidized steel.

    Mr. Trump has defended the tariffs as a way to protect steel and aluminum producers in the U.S. from cheap imported metals. He announced his 2016 trade policy at a metals factory in the traditional steel-producing region of Pennsylvania.

    —Juan Forero in Bogota, Colombia, contributed to this article.

    A worker uses a forklift to move a roll of aluminum cable at the Alubar Metais E Cabos plant in Barcarena, Brazil. The facility produces aluminum rods and cables for electrical and steelwork purposes. Photo: Paulo Fridman/Bloomberg News

  2. Here4money


    Wonder who planted this latest idea in his tiny little head?
  3. dozu888


    h8ers gonna h8? lol

    dude... compare your own achievements in life so far, to the same point in the potus' life... if he has a tiny head, then do you have a micro head?... and is micro head qualified to criticize at all?

    see - there is logic in everything :)
    smallfil likes this.
  4. Here4money


    My achievements are greater than his at my age. Then again, he's set a very low bar
  5. dozu888


    'the left is full of conflicts' - Ben Shapiro

    again for your wallet's sake... come over to this side..

    one thing that is not discussed much - a trader needs to get his general psychie in order to be successful.... if he has internal conflicts outside the market, they will wreck havoc to his trading account...
  6. Here4money


    Cool story, up 25%+ this year just sitting on my ass. Easy to do when propping up a market
  7. Well, it's hard to that when you aren't born heir to a fortune. All things considered, had he not been son to a millionaire, I hardly think he'd accomplish anything. In terms of people who got ahead due to political and financial influence, and made it all the way to POTUS, just compare him to say JFK or George W. Bush (so you've both sides of the isle).
    Here4money likes this.
  8. tiddlywinks


    China can not dump through.
  9. maxinger


    that was great trading opportunity for those who traded during yesterday European and US sessions.
  10. There are many people born into a millionaire family and they accomplish nothing. How many do you see a person who was born into a millionaire family, took a 1 million dollar loan and turn it into billions.
    #10     Dec 2, 2019
    dozu888 likes this.