President Donald Trump announced that he plans to reinstate Sec. 232 tariffs on steel and aluminum imports from Argentina and Brazil, according to a tweet he made Monday. President Trump said that his decision was made in response to the nations devaluing their currencies.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” the president said.
Both Argentina and Brazil were given exemptions from Sec. 232 tariffs via Presidential Proclamation in 2018. At that time, 25 percent duties on steel and 10 percent duties on aluminum were imposed on all imports unless specifically exempted.
A decision to impose tariffs on Argentina and Brazil would require another set of Presidential Proclamations. Those Proclamations have not yet been issued, but MEMA will share them once released. MEMA has consistently opposed Sec. 232 tariffs on steel and aluminum.