Trump's metals tariff tweet roils Brazil, Argentina | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Multimedia
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Monday
December 11, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Multimedia
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
MONDAY, DECEMBER 11, 2023
Trump's metals tariff tweet roils Brazil, Argentina

World+Biz

Reuters
02 December, 2019, 09:10 pm
Last modified: 02 December, 2019, 09:16 pm

Related News

  • Bangladesh secures priority access to Argentinian wheat, soybeans
  • Trump: I won't be a dictator if I become U.S. president again
  • Metallica to become first ever major metal band to play Saudi Arabia
  • Brazil to unveil plan to increase farmland by 60%
  • Brazil Senate votes to limit decisions by Supreme Court justices

Trump's metals tariff tweet roils Brazil, Argentina

Emerging market stocks and the highly sensitive Mexican peso slid to session lows following Trump’s post on Twitter that gave no details on the plan

Reuters
02 December, 2019, 09:10 pm
Last modified: 02 December, 2019, 09:16 pm
Trump's metals tariff tweet roils Brazil, Argentina

U.S. President Donald Trump on Monday said he would restore tariffs on U.S. steel and aluminium imports from Brazil and Argentina, surprising officials in the two South American countries who sought explanations.

Emerging market stocks and the highly sensitive Mexican peso slid to session lows following Trump's early morning post on Twitter that gave no details on the plan.

Representatives for the Office of the U.S. Trade Representative could not be reached for comment.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"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 U.S. from those countries," Trump wrote.

Brazil's President Jair Bolsonaro, an avowed Trump fan who has sought closer U.S. ties, said in local radio interview that he would call his U.S. counterpart, who he was confident would listen to Brazil's concerns.

"Their economy is not comparable with ours, it's many times bigger. I don't see this as retaliation," Bolsonaro said in a radio interview with Brazil's Radio Itatiaia.

"I'm going to call him so that he doesn't penalize us ... Our economy basically comes from commodities, it's what we've got. I hope that he understands ...and I'm almost certain he'll listen to us," he said.

Argentine Production Minister Dante Sica said Trump's announcement was "unexpected" and he was seeking talks with U.S. officials. Additionally, Argentina's Foreign Ministry said it will begin negotiations with the U.S. State Department.

Trump's tweet also urged the Federal Reserve to lower interest rates so countries "no longer take advantage of our strong dollar. Lower Rates & Loosen - Fed!"

Trump has repeatedly urged the U.S. central bank to lower rates to below zero, but Fed policymakers have been reluctant. Fed policymakers hold their next meeting on Dec 10-11.

Pre-market shares in U.S. steelmakers rose on Monday, with United States Steel Corp up 1.2% and AK Steel Holding rising 2.5% before the bell.

In Brazil, steelmakers fell sharply as the market opened but quickly reversed losses.

Shares in Brazil's Cia Siderurgica Nacional SA, Usiminas and Gerdau SA were up 1.5%, 1.4% and 0.5% in mid-morning trade, respectively.

Brazil's benchmark Bovespa equities index. BVSP was up 0.9%. The country's currency, the real BRBY, initially fell around 0.5% at the open, nearer to last week's record low. But it recovered to trade stronger at 4.2230 per dollar.

Global Economy

Trump / Metal / tariff / Brazil / Argentina

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Inside the factory. Photo :Courtesy
    EPZ workers' minimum wages set between Tk12,800-Tk14,025 for different sectors
  • A pile of onion. File Photo: Mumit M/TBS
    Bangladesh writes to India to allow onion exports under existing LCs
  • 14-party alliance to contest JS polls with 'Boat' symbol: Inu
    14-party alliance to contest JS polls with 'Boat' symbol: Inu

MOST VIEWED

  • Infographics: Mehedi Hasan Marof/TBS
    India's export embargo sends onion prices soaring to Tk220 per kg
  • Infographic: TBS
    Automatic fuel oil pricing from March in Bangladesh
  • Mushfiqur takes legal action against Ekattor TV over 'false report'
    Mushfiqur takes legal action against Ekattor TV over 'false report'
  • Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubayat-Ul-Islam. TBS Sketch
    Floor price to remain until election: BSEC chairman
  • Two-thirds of LPG sellers hold on to bulk importers to stay afloat in dollar crisis
    Two-thirds of LPG sellers hold on to bulk importers to stay afloat in dollar crisis
  • A photo of Haque Group Chairman Adam Tamizi Haque. 
Photo: Collected
    Adam Tamizi Haque taken to DB office for questioning

Related News

  • Bangladesh secures priority access to Argentinian wheat, soybeans
  • Trump: I won't be a dictator if I become U.S. president again
  • Metallica to become first ever major metal band to play Saudi Arabia
  • Brazil to unveil plan to increase farmland by 60%
  • Brazil Senate votes to limit decisions by Supreme Court justices

Features

Khandaker Hasib Rafin’s Starlet Glanza V is one of the finest examples of the model to roam around Dhaka’s streets. Photo: Akif Hamid

1999 Starlet Glanza V: The uncrowned prince

13h | Wheels
Jamal Jamaloo: The song, dance and magic

Jamal Jamaloo: The song, dance and magic

14h | Features
US Veto: Israel's license to kill

US Veto: Israel's license to kill

20h | Panorama
In the last 30 years, Akter Hossain performed more than 5,000 magic shows all over the country, even in India. Photos: Noor-A-Alam

The fading enchantment of Dhaka's magic schools

20h | Panorama

More Videos from TBS

Wealth and income of ministers and state ministers increased

Wealth and income of ministers and state ministers increased

8h | TBS Stories
Fake toll plaza on Indian highway

Fake toll plaza on Indian highway

7h | TBS World
Farmers' investments fail to match returns: Study

Farmers' investments fail to match returns: Study

6h | TBS Economy
The US is sending another 14,000 shells to Israel

The US is sending another 14,000 shells to Israel

9h | TBS World
EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]