Trump to bring back tariffs on Brazilian, Argentinian steel

Dive Brief:

• The U.S. will reinstate 25% tariffs on imported Brazilian and Argentinian steel, President Donald Trump tweeted Monday morning. The President did not mention the aluminum tariffs enacted at the same time as the global steel tariffs being restored in his tweets. The move was not yet published on the website of the United States Trade Representative as of publication.
• "Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers," Trump tweeted, citing an unfair trading environment as the rationale for reinstating the tariffs. Trump further called on the U.S. Federal Reserve to "act likewise" by lowering interest rates.
• Brazil and Argentina lobbied for and received exemptions from the 25% tariffs on five classifications of global steel imports as of June 2018. Canada, Mexico and the EU were initially granted reprieves, but the administration reversed those decisions within weeks only to lift the tariffs again in May 2019.
  
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