LatAm Steel Trade Association Condemns Decision to Reinstate Import Tariffs

The currencies of both these countries have dropped sharply over the past two years on account of political uncertainties and economic downfall.

SEATTLE (Scrap Monster): The Latin American Steel Association (ALACERO) expressed surprise and deep concerns over the recent decision by the U.S. President Donald Trump to reinstate Section 232 tariffs on imports of steel and aluminium from two of its member countries- Brazil and Argentina.

The U.S. President had alleged that the countries were involved in devaluation of their currencies, which in turn has had a detrimental impact on U.S. farmers. Incidentally, the Latin American countries have become major exporters of farm products to China.

According to ALACERO, the fluctuation of currencies is primarily attributed to a number of internal and external factors pertaining to each country and that the governments of these countries have never been involved in currency manipulation attempts. As a matter of fact, the currencies of both these countries have dropped sharply over the past two years on account of political uncertainties and economic downfall.

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The trade body noted that the President’s decision is likely to cause harm to U.S. economy itself, as the steel industry chain in the country is dependent on partner countries including Brazil and Argentina. The U.S. stance will have serious impact on trade by the Latin American region, especially in the midst of ongoing international trade conflicts.

Further, ALACERO extended full support to the Chambers of Argentina and Brazil in tackling the issue, in partnership with respective governments during the ongoing conference of Mercosur bloc being held in Brazil.

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