Washington, Dec 2: The United States will restore tariffs on steel and aluminum imports from Brazil and Argentina, US President Donald Trump said on Monday, accusing the two countries of devaluing their currencies which has hit US farmers hard.
"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 US from those countries," the US president wrote in a tweet.
Alongside these reactive measures, Trump called on the Federal Reserve to act in order to prevent countries from benefiting from a "strong dollar," which he argued was hitting US manufacturers and farmers hard.
"This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen - Fed!" the US president said in another tweet.
Tariffs have become a significant asset in Trump’s foreign policy arsenal since taking office. The US president added in another tweet that his measures, which have seen significant tariffs levied against both China and the European Union, have resulted in a significant boost to the US economy, reports Sputnik.
"US Markets are up as much as 21 pc since the announcement of Tariffs on 3/1/2018 - and the US is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!" the US president added in another tweet. (UNI)