The self-described “tariff man” reinstated tariffs on Brazilian steel on Tuesday. He blamed a weak Brazilian real for his decision, saying the weakened currency makes Brazilian steel more attractive to world markets. The U.S. imported 12.7% less worth of Brazilian steel over an 11-month period than a year ago, totaling $2.5 billion. What should worry Trump, if anything, is more Brazilian steel coming into the United States at the expense of local producers. According to Gerdau, a Brazilian multinational steel producer with steel mills in the U.S., volume of Brazilian steel shipments in the third quarter fell 17%.

Source: Forbes December 04, 2019 18:24 UTC