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

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

Trump could hit France with more tariffs in battle over taxes on big tech

  Trump could hit France with more tariffs in battle over taxes on big tech The Trump administration is scheduled to decide next week whether to retaliate against France for a new digital services tax that hits American technology giants like Amazon and Facebook. Countermeasures against the tax could include tariffs on French imports.President Trump has sharply criticised steps by European allies to crack down on the technology sector.Visit Business Insider's homepage for more stories.

WASHINGTON — President Trump said on Monday that he would impose tariffs on steel and aluminum from Brazil and Argentina , a move that would shatter previous agreements with those countries and widen a global trade war that the president had appeared ready to scale back.

A symbolic slap in the face for Jair Bolsonaro as Trump accuses the two countries of devaluing their currencies and hurting US farmers.

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."

ASX sinks as Donald Trump threatens to impose tariffs on Brazil and Argentina metal imports

  ASX sinks as Donald Trump threatens to impose tariffs on Brazil and Argentina metal imports Australian shares tumble after US President Donald Trump decides to widen his trade war by reinstating tariffs on steel and aluminium imported from Brazil and Argentina.By 1:25pm (AEDT), the ASX 200 had fallen by a steep 138 points, or 2 per cent, to 6,724.

“ Brazil and Argentina have been presiding over a massive devaluation of their currencies which is not good for our farmers,” Trump tweeted, adding: “Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the US from those countries.” He has also urged

Earlier on Monday, Trump said he will impose tariffs on U.S. steel and aluminum imports from Brazil and Argentina , catching the two South Once in office, he doubled down on Trump but also held back on bashing Beijing in favor of a more pragmatic approach with China, Brazil ’s top trade partner.

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."

Amazon lawsuit blames Trump for loss of $US10 billion contract, Wall Street falls .
Markets are set for a shaky session amid a looming US-China tariff deadline and a multi-billion-dollar lawsuit against the US Government by Amazon Web Services.The major US indices gave up early gains as the deadline for the US to impose its planned tariffs on Chinese imports looms.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!