The US decided not to impose tariffs on Argentina’s steel and aluminum in the latest round of tariffs that go into effect on February 8. 

 

The South American country is not among those listed that will be sanctioned per internal communications from the US President on Monday—providing a welcome relief to the country that had been threatened with these hikes in December 2019.

 

The US is the main export destination for Argentine steel and aluminum, representing a $700mn market, according to official figures. 

 

Reversal of the threatened tariffs was well received in Argentina with President Alberto Fernandez expressing satisfaction over the decision during an interview. 

 

Trump announced 25pc global tariffs on steel and 10pc on aluminum, in 2018, then subsequently permitted exemptions for some countries, including Argentina and Brazil.

 

On December 2, 2019, both countries recived news that the stated tariffs would be reinstated on steel and aluminum imported to the US from Brazil and Argentina, based on accusations of currency manipulation and harm to US farmers.

 

On Jan 24, President Trump authorized tariff increases of 10pc on aluminum imports and 25pc on steel. Countries exempt from the additional duties on steel include Argentina, Australia, Brazil, Canada, Mexico, and South Korea and those exempt from aluminum tariffs include Argentina, Australia, Canada, and Mexico.

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