Argentina welcomes US decision not to impose steel tariffs

Argentina welcomed the US decision not to impose tariffs on steel and aluminum in the South American country, which President Donald Trump threatened in December.

“The list of countries to be sanctioned has been made public, but Argentina is missing,” Foreign Minister Felipe Sola said in an interview Sunday.

“We saw the solution with satisfaction. We are happy, ”President Alberto Fernandez said later.

On December 2, a week before Fernandez took office, Trump announced via a series of tweets that he would restore tariffs on steel and aluminum imported from Brazil and Argentina, accusing them of manipulating his currency and harming American farmers.

“Brazil and Argentina are spearheading massive devaluations of their currencies,” which is hurting American farmers, Trump said.

"Immediately upon entry into force, I will reinstate the Tariffs on all steel and aluminum that ship to the US from these countries."

In 2018, Trump announced global tariffs of 25 percent on steel and 10 percent on aluminum, but later approved exemptions for several countries, including Argentina and Brazil, that agreed to quotas.

On Friday, Trump signed a declaration to increase tariffs on aluminum imports by another 10 percent and on steel by 25 percent, to take effect on Feb.8.

Argentina, Australia, Brazil, Canada, Mexico and South Korea were exempted from additional taxes on derived steel products, while Argentina, Australia, Canada and Mexico were also exempt from tariffs on aluminum.

The lifting of the threatened tariffs was "great news for Argentina," Sola said, while imposing taxes "would mean a huge loss of jobs."

The United States is the top destination for Argentine steel and aluminum exports, accounting for $ 700 million, according to official figures.

Argentina and Brazil have benefited from the US trade war with China as they stepped in to replace US exports of soybeans and other agricultural commodities to the Asian giant.