Thu. Sep 24th, 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:

12.56pm GMT

This decision is also a blow to Jair Bolsonaro, Brazil’s right-wing president.

He won power last year with a campaign based on popularism, conservative policies and divisive attacks on minority groups, pushed heavily through social media.

Brazilian president Jair Bolsonaro’s cozying up to Trump seems to be paying off… https://t.co/kb39c7Pkos

Brazil’s real is floundering at an all-time low against the dollar, but maybe Trump missed Brazil’s central bank intervening last week selling dollars to prevent it from weakening further.

12.20pm GMT

Donald Trump has clearly been riled by the slump in the Brazilian real and the Argentinian peso.

The real hit a record low last week, at more than 4.25 to the dollar. Interest rate cuts, and weak economic data, had pulled the real down in recent months. But its latest tumble came after Economy Minister Paulo Guedes said he wasn’t concerned about the exchange rate.

“We have a floating currency, so it floats.” .

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