Mon. Jan 18th, 2021

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


11.07am GMT

Newsflash: President Donald Trump has just announced new tariffs on steel and aluminium imports from Brazil and Argentina.

Trump is unhappy that Brazil and Argentina’s currencies have depreciated, making their exports to the US more competitive – so he’s hitting back.

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. The Federal….

…..Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen – Fed!

11.04am GMT

Back in the markets, the pound is dipping today as general election jitters set in.

Sterling has lost a third of a cent to $1.2895, after several opinion polls showed the Conservative Party’s lead over Labour has narrowed.

Opinium said the gap had narrowed from 19 points to 15, with the Tories on 46% while Labour racked up 31%.

YouGov said its gap was down from 11 to 9 points, with the Tories receiving 43% of the vote compared to 34% for Labour.

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