President Donald Trump speaks during a tour of Apple’s Mac Pro manufacturing plant in Austin, Texas, November 20, 2019.
Tom Brenner | Reuters
U.S. President Donald Trump said on Monday that he will immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina.
“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 said in a tweet.
Trump also urged the Federal Reserve to prevent countries from gaining an economic advantage by devaluing their currencies.
“The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar,” Trump tweeted
“Lower Rates & Loosen – Fed!,” he said.
Trump has repeatedly urged the Fed to lower rates to below zero, arguing that negative rates in Europe and elsewhere give those countries a competitive advantage.
However, Fed policymakers have been reluctant to take the unorthodox policy steps tried by other global central banks. The U.S. central bank’s policymaking committee holds its next meeting on Dec. 10-11.