US president Donald Trump has announced that he will be reinstating tariffs on all steel and aluminium imports coming from Brazil and Argentina with immediate effect.
He revealed the news on Twitter yesterday (December 2nd 2019), claiming the two nations have been taking advantage of the strong dollar rate by "presiding over a massive devaluation of their currencies".
"This makes it very hard for our manufacturers and farmers to fairly export their goods," Mr Trump added.
A blanket 25 per cent tariff was applied to steel imports from Brazil and Argentina in March 2018, as well as a ten per cent levy on aluminium. This came amid allegations that such products posed a security risk to the US economy.
The restrictions were then converted to a quota system in June 2018 before imports from the two countries were exempted from quotas and tariffs in May 2019.
The Brazilian real and the Argentinean peso have both slumped in value lately, but the most recent report from the US treasury secretary found no evidence that either nation is manipulating its currency.