FJM Ferro founder and CEO Joe Casucci discusses the declining earnings among steel manufacturers.
President Trump said Monday he would restore tariffs on all steel and aluminum shipped to the U.S. from Brazil and Argentina.
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"Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers," Trump wrote on Twitter. "Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
Trump imposed 25 percent tariffs on imported steel and 10 percent levies on aluminum imports in March 2018, citing national security concerns, though Brazil and Argentina were granted exemptions.
The president also called for the Federal Reserve to lower interest rates to weaken the U.S. dollar, hoping to limit other countries from taking advantage of a lower greenback.
FED'S BEIGE BOOK REPORTS MODEST ECONOMIC GROWTH IN THE FALL
"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," he tweeted. "This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen - Fed!"
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2019-12-02 11:10:54Z
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