After his initial threat, via tweets, to impose steel tariffs on Argentina and Brazil, President Trump has seemingly backed down from the action. According to President Jair Bolsonaro of Brazil, Trump decided against it after a phone call between the two country leaders on Friday, Dec. 20.
The New York Times, reports:
President Jair Bolsonaro of Brazil wrote in a post on Facebook Friday that he had spoken with Mr. Trump, and “he decided not to make good on his plan to impose tariffs on our steel / aluminum.”
“Our commercial relations and friendship are getting stronger every day,” he added.
Mr. Trump appeared to confirm Friday night that he would not be pursuing tariffs, writing on Twitter that he had just had a “great call” with Mr. Bolsonaro.
With a bumpy trade war to fight abroad, and a destabilizing domestic steel market at home, President Trump still continues to use steel tariffs as a negotiating ploy to mixed results. Next year, March 2020, will mark two years since his initial announcement to impose a 25 percent tariff on steel and a 10 percent on aluminum in the name of national security.
Visit our Steel Reports section on snipsmag.com to follow more of our coverage on the domestic steel market.
