President Donald Trump speaks to reporters as he departs the White House Monday for the NATO Summit in London. Photo by Kevin Dietsch/UPI | License Photo
Dec. 2 (UPI) -- President Donald Trump said Monday he will revive punitive tariffs on metals imported from Argentina and Brazil due to what he says has been a "massive devaluation" of their respective currencies.
Trump said the devaluation of the Argentine peso and Brazilian real harm American interests.
"Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers," Trump wrote in a tweet. "Therefore, effective immediately, I will restore the tariffs on all steel & aluminum that is shipped into the U.S. from those countries."
Trump also called on the U.S. Federal Reserve to 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," he added. "Lower Rates & Loosen - Fed!"
When the administration instituted the sweeping tariffs on imported metals last year -- 25 percent for foreign-made steel and 10 percent for aluminum -- it exempted Argentina and Brazil after reaching trade deals with them.
Argentina is in the midst of a sovereign debt crisis and in September imposed currency controls to allow the government to restrict foreign purchases following a sharp drop in the Argentine peso.
Trump has imposed a number of punitive tariffs on foreign-made products, mostly from China, as part of his "America First" economic agenda. A new round of tariffs for Chinese products is set to take effect Dec. 15.
"U.S. Markets are up as much as 21% since the announcement of Tariffs [in March 2018]," Trump wrote Monday. "And the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!"