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Trump reinstates steel tariffs on Brazil and Argentina

President Donald Trump says he will reinstate tariffs on steel and aluminum from Argentina and Brazil.

Trump, in a Monday morning tweet, criticized the two countries for devaluing their currencies to the detriment of U.S. farmers. The currency declines in Brazil and Argentina have helped their ag exporters gain a big price advantage over U.S. exporters.  

U.S. imports of Brazilian steel account for about four percent of the 110 million tons consumed in the U.S. each year, according to Bloomberg.

Trump also called on the Federal Reserve to make another interest rate cut to weaken the U.S. dollar. He said the strength of the dollar is making it hard for U.S. manufacturers and farmers to fairly export their goods.