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Tech & Science Trump just slapped tariffs on Brazil and Argentina to try and dig himself out of a problem he created

04:20  03 december  2019
04:20  03 december  2019 Source:   businessinsider.com.au

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President Trump announced on Monday that he 's imposing new steel and aluminium tariffs on Brazil and Argentina . Some have said the President Trump is trying to dig himself out of a hole in the trade war with China instead, seeking to pressure Buenos Aires and Brasilia into limiting their

Brazil and Argentina are also facing serious economic troubles, but those too were no defense. The new clash with South America came on the same day that a report As of Monday evening, the White House had not issued any formal notice that would put tariffs on Brazil and Argentina into effect.

Donald Trump wearing a suit and tie

President Trump announced on Monday that he's imposing new steel and aluminium tariffs on Brazil and Argentina. It's a stunning move that opens new fronts and widens his global trade war into two of the largest economies in South America.

In a tweet, Trump blamed both nations for devaluing their currencies, and hurting American farmers in the process.

Weaker currencies would make Argentine and Brazilian goods cheaper on international markets compared to US farm goods.

Economists, though, reject the idea that Argentina and Brazil have tried artificially weakening their currency. And they weren't highlighted on an annual Treasury Department report released in May which officially designates nations as currency manipulators.

Some have said the President Trump is trying to dig himself out of a hole in the trade war with China instead, seeking to pressure Buenos Aires and Brasilia into limiting their cooperation with Beijing as it buys more of their goods.

"I don't think this has a whole lot to do with steel; this is a China issue," Fernando Cutz, a Western Hemisphere expert at The Cohen Group, told the Washington Post. "If USTR wants to maximise a trade deal with China, they need to put pressure on China. But if China figures out how to replace the U.S. markets with Brazil and Argentina, that's not creating pressure."

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Asian stocks slipped today after US President Donald Trump slapped tariffs on imports from Brazil and Argentina to spike global trade tensions once again.Soft US manufacturing data compounded the problem for world markets and saw global stocks fall into the red as trading opened today.Read more

Dec.02 -- President Donald Trump is reinstating tariffs on steel and aluminum from Argentina and Brazil , nations he criticized for cheapening their

As China rolled back purchases of US agricultural products over the past year, they have bought more pork, soybeans, and more goods from other countries.

Brazil has been a big winner from the trade war, particularly its soybean farmers. According to a US Department of Agriculture released earlier this year, Brazil's share of the Chinese soybean market surged to 77% in a period ending this February.

That's in stark contrast to the United States, which saw its portion of the market plummet to 4% this year from around 30% in 2018.

Back in September, Argentina inked a deal with China allowing its farmers to export soymeal starting next year, a decision Beijing had long balked at even as it was the top of purchaser of Argentine soybeans, Reuters reported.

The loss of export markets creates significant hurdles for US farmers trying to re-enter them, according to Matt McAlvanah, the spokesperson for Farmers for Free Trade, a pro-trade advocacy group.

McAlvanah previously told Business Insider: "It's very difficult to regain markets farmers have spent decades cultivating. These relationships are built over time, they're built on trust - and when they go away overnight, they don't come back overnight."

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