Trump reinstates tariffs on USA steel and aluminum from Brazil and Argentina

Donald Trump wearing a suit and tie US President Donald Trump gestures as he speaks during a

Labelled by friends and foes as "Trump of the tropics", the far-right leader has boasted his relationship with the American president as a cornerstone of his diplomacy.

U.S. President Donald Trump announced on Monday he would be immediately restoring steel and aluminum tariffs on Brazil and Argentina.

Trump accused both countries of manipulating their currencies to hurt USA farmers, and he paired his action with criticism of the Federal Reserve, notes Bloomberg, which sees the morning moves as significant. "This makes it very hard for our manufactures & farmers to fairly export their goods". Trump falsely claims China is paying the USA billions and billions of dollars in tariffs.

Jair Bolsonaro was sworn in as the country's president in January.

"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)!" The president's threat to reverse that decision and impose the metals tariffs on Argentina and Brazil is another example of his mercurial approach to trade policy.

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

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"Lower Rates & Loosen - Fed!" he admonished the independent agency. A source familiar with Brasilia's reaction rejected the USA claim of currency manipulation, noting the central bank was working to lift the real.

Argentine production minister Dante Sica said he too would request a conversation with his USA counterparts.

Mr Trump accused Argentina and Brazil of "presiding over a massive devaluation" - with exports of both countries being now cheaper and more competitive due to the weak currency.

Shares of US steelmakers rose on Monday, with United States Steel Corp X.N up 3.0% at $13.52 in afternoon trading and AK Steel Holding AKS.N rising 5.8% to $2.92.

Shares of Ternium Argentina TXAR.BA slumped 5.5% after Trump's tweet, with JP Morgan noting it is the most exposed steelmaker in Latin America to the tariff move.

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