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December 9, 2019

Still No Formal Announcement On Section 232 For Brazil, Argentina

As Connecting the Dots reported last week, last week President Donald Trump announced a plan to reinstate Section 232 tariffs on steel and aluminum products from Argentina and Brazil. The announcement came in a post on Twitter early last Monday morning, but, as FastmarketsAMM (subscription required) reports, the White House has made no formal proclamation since then, so it is not yet known what the amount of the tariffs will be, or when they will take effect.

The AMM report said “exactly when any action might take place—or even whether it will at all” remains “unclear.”

President Trump said he made the decision because he believes the two countries are manipulating their currency.

Last Wednesday, as Reuters reports, Brazil president Jair Bolsonaro denied that allegation and indicated he is hopeful the United States actually will not formally act to reimpose the penalties. Stay tuned to Connecting the Dots for updates on this story, and click here to review MSCI’s position on the Section 232 tariffs.