Donald Trump hits Brazil and Argentina with steel and aluminium tariffs – business live
Rolling coverage of the latest economic and financial news, including new PMI surveys of the world’s manufacturing
- Latest: Trump imposes tariffs on Brazil and Argentina
- Also urges Fed to weaken the dollar
Earlier:
- UK factories slash jobs
- China’s factory growth hits three-year high
- But Ireland cuts jobs as exports fall
- Coming up: Christine Lagarde at European Parliament
11.22am GMT
Brazil is the third-largest exporter of steel to America, points out Bloomberg’s Michael McDonough, so these tariffs could have an impact.
“Trump to Restore Tariff on Steel Shipped From Brazil, Argentina”
Market Share of U.S. Steel Imports by Country:
Canada ~20%
Mexico ~13%
Brazil ~12%
…
Argentina: ~0.5%
{@theterminal chart link: https://t.co/7fqm7rZXT0 } pic.twitter.com/LtYGNC3HMd
11.17am GMT
President Trump’s decision is a blow to both Argentina and Brazil, who had previously persuaded the White House not to impose metal tariffs.
Back in May 2018, both countries secured “permanent exemptions” from the levies, which are 25% on steel and 10% on aluminium.
Editor
