Trump revives Brazil, Argentina steel tariffs, escalating trade war
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The president’s action amount to retaliation against two nations that have become alternative suppliers of soybeans and other agricultural products to China, grabbing market share away from the U.S. Argentina’s peso plunged earlier this year on election results putting a left-wing candidate in the presidency. Brazil has intervened multiple times in the past month to support its devaluing real.
In a second Twitter post, Trump signaled that he wants the U.S. central bank to do something about suppressed currencies. Steel and iron products are the second biggest Brazil export to the U.S., tracking only crude oil and totaling $2.25 billion between January and October, according to Brazilian government data.AK Steel Holding Corp. rose 2.9% in premarket trading at 7:32 a.m. in New York. U.S. Steel Corp. was up 0.7%, and Steel Dynamics Inc. was also indicated higher.
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