Trump's metals tariff tweet roils Brazil, Argentina
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
THURSDAY, MAY 26, 2022
THURSDAY, MAY 26, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
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

  • Ancient massive 'Dragon of Death' flying reptile dug up in Argentina
  • Elon Musk to meet with Brazil's Bolsonaro
  • Lula launches presidential bid, says to defend Brazil's democracy
  • CIA chief told Bolsonaro government not to mess with Brazil election, sources say
  • Lula turns to party's old guard for Brazil election battle

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.

"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

  • All banks have to sell dollars at same rate
    All banks have to sell dollars at same rate
  • Ctg port Asia’s least efficient for container handling: World Bank
    Ctg port Asia’s least efficient for container handling: World Bank
  • Photo: Bloomberg
    Bigger food crisis can be averted if Asia remembers not to panic

MOST VIEWED

  • FILE PHOTO: An image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration
    Musk sued by Twitter investors for delayed disclosure of stake
  • A labourer unloads coal from a truck at a coal dump site on the outskirts of Kabul, Afghanistan March 7, 2017. REUTERS/Mohammad Ismail
    Afghanistan's Taliban step up coal exports to boost local budget
  • WHO condemns Russia's aggression in Ukraine in rare vote
    WHO condemns Russia's aggression in Ukraine in rare vote
  • India's Central Reserve Police Force (CRPF) personnel stand guard on the banks of Dal Lake, a famous tourist attraction, in Srinagar May 26, 2022. REUTERS/Danish Ismail
    India's Kashmir sees upsurge in violence, tense after separatist convicted
  • People gather at Robb Elementary School, the scene of a mass shooting in Uvalde, Texas, U.S., May 25, 2022. REUTERS/Nuri Vallbona
    Texas school shooting leaves American parents angry, anxious, resigned
  • Photo: Bloomberg
    Bigger food crisis can be averted if Asia remembers not to panic

Related News

  • Ancient massive 'Dragon of Death' flying reptile dug up in Argentina
  • Elon Musk to meet with Brazil's Bolsonaro
  • Lula launches presidential bid, says to defend Brazil's democracy
  • CIA chief told Bolsonaro government not to mess with Brazil election, sources say
  • Lula turns to party's old guard for Brazil election battle

Features

Photo caption: Business models are already being hit by climate risk. It is the function of regulators to force banks to pay attention to the future risks to businesses. Photo: Bloomberg

HSBC and its discordant climate songbook

8h | Panorama
Illustration: TBS

Should Belayets be allowed to return to school at 55?

12h | Pursuit
Impact Hub Dhaka is designed to cater to connectivity, offering lots of communal areas where you can chat over coffee, watch a webinar as a group or even host events. Photo: Courtesy

Inside Impact Hub: The surprising benefits of working in a co-working space

13h | Pursuit
Pacific Jeans uses sustainable technology in washing and finishing, and now has the facility to wash with zero water. Photo: Courtesy

How big dreams and smart investment made Pacific Jeans a denim exporting giant 

14h | Panorama

More Videos from TBS

Inflation changes lives of limited-income people

Inflation changes lives of limited-income people

1h | Videos
 Vat on locally-made mobile phones, fridges may increase prices

Vat on locally-made mobile phones, fridges may increase prices

1h | Videos
Local brands dominate country’s refrigerator market

Local brands dominate country’s refrigerator market

2h | Videos
5 latest exciting movies

5 latest exciting movies

6h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

3
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

4
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
Illustration: TBS
Banking

Let taka slide

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

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

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab