Monday, 13 July, 2020

FTSE extends slide as Trump's tariff salvo dents sentiment

President speaks at a campaign rally Tuesday Nov. 26 2019 in Sunrise Fla President speaks at a campaign rally Tuesday Nov. 26 2019 in Sunrise Fla
Deanna Wagner | 04 December, 2019, 21:56

The import volume from Brazil increased by about 50 percent in the first six months of this year compared to the same period last year.

"Their economy is not comparable with ours; it's many times bigger".

Brazil's President Jair Bolsonaro said he would talk to his economy minister before reacting to Trump's comments on the Brazilian real and the imposition of steel tariffs. "If it's the case, I talk to Trump, I have an open channel with him", he said. He explained the move as a measure to protect American steel and aluminum factories from overseas competition.

Lighthizer said the USA government was also exploring whether to open similar investigations into the digital services taxes of Austria, Italy and Turkey. The president was noncommittal when asked if a deal with China was possible this year.

In Brazil, the recent slide in the real has caused a public outcry and led the central bank to intervene, while Argentina put in place currency controls to steady its beleaguered peso.

Trump has long grumbled about the dollar's strength and urged the Fed to abandon decades of precedent and act to weaken the greenback.

U.S. Trade Representative Robert Lighthizer said the decision affirmed that European subsidies to Airbus continued to harm the U.S. aerospace industry, and strong action was required to eliminate such market-distorting subsidies. That has prompted fears that the USA could lead the world into an era of weaponized monetary policy.

Although the tariff payments to farmers were created to soften the blow of the trade war, they "did not appear to prevent the loss of any House seats" in the 2018 elections, said three analysts who studied voting patterns. As such, it signifies a potential new phase in his trade wars in which foreign-exchange markets are the battleground. That's more than the 53,000 workers in the US coal mining industry, according to government data.

Deliveroo advert banned for misleading customers
Therefore, according to ASA the Deliveroo ad breaches code rules and thus it shall not be broadcasted in the current form. We considered consumers would not assume that a separate delivery charge applied for each restaurant ordered from.

This year through September, Scott said that the "total imports are down about 3.3 million tons and yet, imports from Brazil are up about 3.4 million tons".

The Brazilian real strengthened 0.4% to 4.2185 per dollar at 11:23 NY.

After a brief spike in steel prices, USA steel producers have struggled since the Trump administration put tariffs into place previous year.

AK Steel Holding Corp. rose 6.9% in NY. U.S. Steel Corp. was up 3.8%, and Steel Dynamics Inc. gained 1.4%.

Shares in Brazil's Gerdau SA, Usiminas and Cia Siderurgica Nacional SA were up 0.5 percent, 1.4 percent and 1.5 percent in mid-morning trade, respectively.

Still, SEIA's report found that USA prices are among the highest in the world for solar. They have watched in vain as the trade war has hurt the competitiveness of US agricultural products, allowing their Brazilian and Argentine peers to get rich off China.

According to Brazil's Steel Institute, "There is no initiative by the government to artificially devalue the Real, and the decision to tax Brazilian steel as a way to compensate American farmers is retaliation against Brazil, which is inconsistent with the partnership relationship between the two countries".

When the administration instituted the sweeping tariffs on imported metals previous year - 25 percent for foreign-made steel and 10 percent for aluminum - it exempted Argentina and Brazil after reaching trade deals with them. "And the taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!"