President Donald Trump has accused Argentina and Brazil of hurting US farmers through currency manipulation and has said he will slap tariffs on their steel and aluminium imports.
Mr Trump also is calling on America’s central bank to act to prevent other countries from devaluing their currencies.
Both South American nations were among US allies that Mr Trump had exempted from steel and aluminium tariffs in March 2018.
.....Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen - Fed!— Donald J. Trump (@realDonaldTrump) December 2, 2019
U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 - and the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!— Donald J. Trump (@realDonaldTrump) December 2, 2019
Hours before he was to depart for a Nato conference in London, Mr Trump tweeted that “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 & aluminium that is shipped into the US from those countries.”
Mr Trump said the Federal Reserve should “lower rates & loosen”.