Trump says he will re-charge fees for imports of minerals from Brazil and Argentina

(Reuters) – US President Donald Trump said on Monday he would immediately re-impose tariffs on US steel and aluminum imports from Brazil and Argentina, which prompted at least one of his counterparts to pledge to talk to him.

Emerging market shares and the heavily affected Mexican peso fell to trade to the lowest level during the session after Trump’s Twitter comments, which did not include any other details about the planned trade.

Officials of the US Trade Representative’s office were not yet available for comment.

“Brazil and Argentina are making a huge devaluation of their currencies, which is not a good thing for our farmers,” Trump wrote in his tweet. So, effectively, Guri, I will return the duties on all steel and aluminum coming to the United States from these two countries. ”

Brazilian President Jair Bolsonaro, a fan of Trump and seeking close ties with the United States, said he will speak directly to the US President, and he will also discuss his comments with him with the Brazilian Minister of Economy.

On Monday, Trump also urged the Federal Reserve to prevent countries from achieving economic benefits by devaluing their currencies.