LatinNews Daily - 03 February 2020

Argentina: On 24 January Argentina’s foreign minister Felipe Solá welcomed Argentina’s exemption from the latest US tariff increases on derivatives of steel and aluminium. Speaking with radio station Radio 10, Solá said it was “excellent” news that Argentine steel will not be hit with a 25% import tax. The development ended six weeks of concern after US President Donald Trump tweeted on 2 December saying that “effective immediately” all tariffs on Argentine and Brazilian steel and aluminium tariffs would be restored in light of these two countries “presiding over a massive devaluation of their currencies.” However, on 24 January the White House published a statement outlining a proclamation signed by Trump that will raise tariffs on derivative steel and aluminium products. Effective from 8 February, derivative steel products will see tariffs increased by 25% and derivative aluminium products will see duties raised by 10%. Exempt from the steel tariffs are Argentina, Australia, Brazil, Canada, Mexico and South Korea; exempt from aluminium duties are Argentina, Australia, Canada and Mexico. Solá added that the Argentine embassy in Washington had clearly done a “great job.”

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