Donald Trump will reimpose tariffs on imports of steel and aluminium from Brazil and Argentina after accusing the countries of a “massive devaluation” of their currencies that hurt US farmers.
The move — which was announced by Mr Trump on Twitter on Monday — sharply escalates trade tensions with the two struggling Latin American economies as they build closer ties with China.
The announcement added to global stock market jitters, helping to push European shares down 1.6 per cent to their biggest one-day fall in two months. The S&P 500 was trading down 0.7 per cent in the early afternoon in New York.
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