Sat. Sep 26th, 2020

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

Earlier:

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.

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