Trump will "restore" steel and aluminum tariffs in Brazil and Argentina

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(CNN) - President Donald Trump announced Monday that the United States will "restore" tariffs for steel and aluminum in Brazil and Argentina, citing a "massive devaluation of its currencies."

“Brazil and Argentina have been presiding over a massive devaluation of their currencies. Which is not good for our farmers. Therefore, with immediate validity, I will restore tariffs on all steel and aluminum sent to the United States from those countries, ”Trump tweeted early Monday from Washington.

Formal notices of tariffs were not immediately announced by the Department of the Treasury or Commerce or the Office of the United States Trade Representative.

• Tariffs, Trump's weapon: threats to allies and billions of dollars at stake

Trump is proud to impose tariffs and negotiate trade agreements to strengthen his "United States First" economic agenda. But the most important agreement at the center of the trade war, a trade agreement between the United States and China, has not yet been signed. Additional tariffs on Chinese imports are expected to take effect on December 15.

Both Brazil and Argentina were exempted from 25% of steel and aluminum tariffs last year when Trump tried to avoid a trade war with those countries.

The president, in a series of tweets in which he announced the restoration of tariffs, also asked the Federal Reserve to “act so that the countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies "

Argentina Brazil