Global markets still aren’t sure what to make of the trade war.
Without a “phase one” deal in place, the December 15 deadline on 15% tariffs is quickly approaching. Worse, Trump has noted that if “we don’t make a deal with China, I’ll just raise the tariffs even higher,” as noted by Markets Insider.
At the same time, Trump is now bringing back tariffs on Brazilian and Argentinian steel.
“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 & Aluminum that is shipped into the U.S. from those countries,” quoted by MarketWatch.
This comes just months after the two countries received waivers exempting them from the 25% steel and 10% aluminum tariffs introduced in 2018.
Trump also tweeted, “the stock market is up “as much as 21% since the announcement of Tariffs on 3/1/2018 – and the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China),” as quoted by NBC News.
Stay tuned for more on this developing story.