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Thread: Trump renews tariff threat on Brazil and Argentina

  1. #1

    Trump renews tariff threat on Brazil and Argentina

    Yay! More tariffs! More taxes! More winning! Steel and aluminum from Brazil and Argentina to supposedly protect farmers- not the steel industry. He also wants the Fed to make the dollar worth less. Dow fell 250 points in reaction to the expanding trade war and Treasury Yields rose- the opposite of what Trump claims he wants.

    https://www.cnn.com/2019/12/02/polit...ina/index.html

    President Donald Trump announced Monday that the US will "restore" steel and aluminum tariffs on Brazil and Argentina, citing a "massive devaluation of their currencies."



    "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," Trump tweeted early Monday morning from Washington. He also called on the Federal Reserve to "act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies."

    Formal notices of the tariffs were not immediately announced by the Treasury or Commerce Departments or the Office of the US Trade Representative. Both Brazil and Argentina were exempted from 25% steel and 10% aluminum tariffs last year when Trump was attempting to avoid a trade war with those countries.

    The President's decision amounts to retaliation against two countries that have served as alternative suppliers of soybeans and other farm products to China, grabbing market share away from American farmers, a key constituency the President will need to win reelection in 2020.

    Trump has prided himself on imposing tariffs and hammering trade deals to bolster his "America First" economic agenda. But the biggest deal at the center of the trade war, a US-China trade agreement, has yet to be signed. Additional tariffs on Chinese imports are expected to go into effect on December 15.

    As China, now the world's top steel producer, has ramped up its steel production, US steel jobs have declined. The President has promised to reinvigorate US steel jobs, but last year, the steel industry added 2,400 jobs, an increase of just over 1%. Employment in the industry is still down about 43% since 1990.

    The United States has bought more steel from Brazil than any other country besides Canada during the first nine months of this year, making up nearly 11% of all steel imports, according to Census Bureau data. It relies on Argentina much less for steel, which made up less than 1% of imports.

    Brazil and Argentina have also benefited from Trump's trade war with China, which has hurt American farmers, in other ways. Brazil is the second biggest soybean producer in the world, and it's where China's farmers have been getting a lot of their soybeans since Beijing imposed retaliatory tariffs on US agriculture. Argentina recently made a deal with China that will allow it to import soymeal starting next year.

    In recent weeks, however, Brazil and Agentina have seen the values of their currencies drop. The Brazilian real is down more than 8% against the dollar this year, and the Argentine peso is down 37% as the country wrestles with an economic crisis. That is more than other major emerging market currency, including the South African rand, Mexican peso and South Korean won. The Turkish lira is also down 8% this year.
    Last edited by Zippyjuan; 12-02-2019 at 03:45 PM.



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  3. #2
    Who knows with all of this 3D-chess! It might be just another BS tweet to keep the masses busy...

    I can't imagine Trump imposing tariffs that will hurt his long-time friend and adviser, the billionaire Carl Icahn.
    On 18 August 2017, Icahn resigned his presidential advisory post after some media claimed that he had profited from his position by pushing regulatory changes that benefited his business interests.

    In 2012 Carl Icahn bought a large stake in Ferrous Resources Ltd., which mines iron in Brazil.
    In 2015, Appleby’s Isle of Man offices assisted Icahn in his purchase of additional shares of Ferrous Resources to give him majority stake.

    Appleby set up a complex offshore structure for Icahn to evade taxes. It utilises holding companies in tax havens — Atlantic Iron in Luxembourg and Mediterranean Iron in Malta — to control Ferrous in Brazil.
    The structure of Ferrous Resources means it escapes disclosure requirements under an Obama-era law to prevent offshore tax evasion: http://archive.vn/VDFQV


    On 8 March 2018, President Trump signed an order to impose a 25% tariff on steel and a 10% tariff on aluminium imports in 15 days.
    Gullible fools might think that this will hurt the Brazilian business interests of Carl Icahn (iron is the most important ingredient of steel)...

    But then on 30 April, in a “surprising move”, President Donald gave Canada, Mexico, Australia, Argentina, South Korea, and Brazil exemption from the steel and aluminium tariffs.

    There are also quotas to reduce the imports of steel and aluminium to the US.
    But then in August, President Donald allowed relief from the quotas on aluminum from Argentina and on steel from South Korea, Argentina and Brazil (so Icahn makes an additional profit!): https://www.reuters.com/article/us-u...-idUSKCN1LF02B
    (http://archive.vn/zCmv8)
    Do NOT ever read my posts.
    Google and Yahoo wouldn’t block them without a very good reason: http://www.ronpaulforums.com/showthr...he-world/page3

  4. #3
    Quote Originally Posted by Firestarter View Post
    Who knows with all of this 3D-chess! It might be just another BS tweet to keep the masses busy...

    I can't imagine Trump imposing tariffs that will hurt his long-time friend and adviser, the billionaire Carl Icahn.
    It looks that I was right...

    On 20 December, Brazilian President Jair Bolsonaro announced that US President Donald Trump told him by phone that the tariffs on Brazilian steel and aluminum won’t be restored (to 25% and 10% respectively), as announced 18 days earlier: https://www.reuters.com/article/us-b...-idUSKBN1YO2EK
    Do NOT ever read my posts.
    Google and Yahoo wouldn’t block them without a very good reason: http://www.ronpaulforums.com/showthr...he-world/page3

  5. #4
    Quote Originally Posted by Firestarter View Post
    It looks that I was right...

    On 20 December, Brazilian President Jair Bolsonaro announced that US President Donald Trump told him by phone that the tariffs on Brazilian steel and aluminum won’t be restored (to 25% and 10% respectively), as announced 18 days earlier: https://www.reuters.com/article/us-b...-idUSKBN1YO2EK
    They convinced him they were going to slow down on inflating their currencies:

    Trump announced the tariffs on Brazil and Argentina in a tweet on Dec. 2, accusing the two countries of devaluating their currencies


    MAGA MAGA MBGA
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  6. #5
    Quote Originally Posted by dannno View Post
    They convinced him they were going to slow down on inflating their currencies:
    When I saw Trump's tweet, I thought that it was BS, as Donald is known to be a pathological liar. I expected that he wouldn't impose these tariffs on Brazil for no other reason than that it would hurt his friend Icahn...

    As I'm no expert at 3D-chess, I'm surpised that I guessed correctly.
    I'm not surprised though that you favour a different explanation than the obvious and blatant corruption of the Trump administration (even worse than Obama?)!


    Quote Originally Posted by Firestarter View Post
    In 2012 Carl Icahn bought a large stake in Ferrous Resources Ltd., which mines iron in Brazil.
    In 2015, Appleby’s Isle of Man offices assisted Icahn in his purchase of additional shares of Ferrous Resources to give him majority stake.

    Appleby set up a complex offshore structure for Icahn to evade taxes. It utilises holding companies in tax havens — Atlantic Iron in Luxembourg and Mediterranean Iron in Malta — to control Ferrous in Brazil.
    The structure of Ferrous Resources means it escapes disclosure requirements under an Obama-era law to prevent offshore tax evasion: http://archive.vn/VDFQV
    Do NOT ever read my posts.
    Google and Yahoo wouldn’t block them without a very good reason: http://www.ronpaulforums.com/showthr...he-world/page3

  7. #6
    Quote Originally Posted by Firestarter View Post
    When I saw Trump's tweet, I thought that it was BS, as Donald is known to be a pathological liar. I expected that he wouldn't impose these tariffs on Brazil for no other reason than that it would hurt his friend Icahn...

    As I'm no expert at 3D-chess, I'm surpised that I guessed correctly.
    I'm not surprised though that you favour a different explanation than the obvious and blatant corruption of the Trump administration (even worse than Obama?)!
    So why did he threaten them in the first place?

    You have a pretty odd version of TDS.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  8. #7
    Quote Originally Posted by dannno View Post
    So why did he threaten them in the first place?

    You have a pretty odd version of TDS.
    To sound tough in an election year. If the US economy is strong relative to another economy, the dollar will be stronger and the other currency relatively weaker. Trump wants both a strong economy AND a weak currency but he can't have both. Anyone who has a weaker currency must be "cheating" somehow.
    Last edited by Zippyjuan; 12-27-2019 at 04:21 PM.

  9. #8
    Quote Originally Posted by dannno View Post
    So why did he threaten them in the first place?
    Please forgive from not being able to answer that question earlier (I didn't know yet).
    It looks like that BS tweet was designed to divert attention from the expected ruling on Facebook's and the SCL's violating privacy laws in Brazil.


    On 30 December 2019, Brazil's Ministry Of Justice fined Facebook Inc 6.6 million-real ($1.64 million) for improperly sharing user data, related to the data used by Cambridge Analytica for the 2018 presidential election. That’s higher than the fine imposed on Facebook in Great Britain.
    Brazil's Ministry of Justice claims that Facebook did not adequately inform its users "about the consequences of the default privacy settings", especially related to the data of "friends and friends of friends".

    Facebook has denied any wrongdoing with “We are focused on protecting people’s privacy” and have restricted “the information which App developers can access”.
    Facebook has said that it’ll probably appeal the decision (which should be done in 10 days) or the fine must be paid within 30 days.

    Facebook estimated that data from 87 million users was shared with Cambridge Analytica in 2018.
    Even after Facebook announced changes to its data privacy in November 2019, still over 100 apps had access to user data.

    In July 2019, Facebook was fined a record $5 billion in the United States for not protecting the data of its users.
    Italy has also fined Facebook for selling personal data to Cambridge Analytica: https://techerati.com/news-hub/faceb...able-purposes/
    (http://archive.is/9mFzY)
    Do NOT ever read my posts.
    Google and Yahoo wouldn’t block them without a very good reason: http://www.ronpaulforums.com/showthr...he-world/page3



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