President Donald Trump on Monday accused Argentina and Brazil of hurting American farmers through currency manipulation and said he'll slap tariffs on their steel and aluminum imports to retaliate.
Trump also called on America's central bank to take action to prevent other countries from devaluing their currencies.
Both South American nations were among a group of US allies that Trump had exempted from steel and aluminum tariffs in March 2018.
Hours before he was set to depart Monday for a NATO conference in London, Trump tweeted that "Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel and Aluminum that is shipped into the US from those countries."
Trump said the US 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."
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