Washington, Dec 3 (IANS) US President Donald Trump has said that he will immediately restore tariffs on all imports of steel and aluminium from Brazil and Argentina.
"Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers," Efe news quoted the US President as saying in a tweet on Monday.
"Therefore, effective immediately, I will restore the Tariffs on all steel & aluminium that is shipped into the US from those countries," he added.
In May 2018, the Argentine government announced that it would put limits on its aluminium and steel exports to the US in order to avoid the tariffs announced by Trump.
A few days later, the Brazilian government accepted an agreement with the US on quotas, under which it accepted a 10-per cent tariff on aluminium and limits on its steel sales.
The US President demanded the Federal Reserve to lower interest rates.
"The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies," he said.
Monetary manipulation, according to Trump, "makes it very hard for our manufactures & farmers to fairly export their goods."
"Lower Rates & Loosen - Fed!" the US President added.
"US Markets are up as much as 21 per cent since the announcement of Tariffs on 3/1/2018," the US President said in another tweet, "and the US is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!"
The currencies of Chile, Colombia and Brazil hit historic lows against the dollar last week due to political instability, pending reforms, popular demands for social equality and growing uncertainty due to a trade war with no truce in sight.
In Argentina, despite last year's incessant devaluation, the dollar remained stable.
After three consecutive cutbacks, model interest rates in the US are currently between 1.5 and 1.75 per cent, while the Fed generally believes that further adjustments are unnecessary.
Last week in its report known as the "Beige Book," the Fed indicated that the US economy maintained a "modest" growth between October and mid-November, and presents a generally "positive" perspective of inflation under control as the year ends.
For its part, the US Commerce Department reported last Friday that the economy grew at an annual rate of 2.1 per cent between July and September, two-tenths more than was estimated a month ago, and a tenth more than the 2 per cent growth in the previous quarter.
Private economists are more optimistic with regard to the progress of the US economy than in past months, above all in light of the outlook that the Trump government will reach an accord with China that puts an end to the trade war with that economic giant.
Optimism about a swift agreement that will eliminate the tariffs imposed by the two trade partners has led to stock market records being broken.
In September, Brazil's Foreign Minister Ernesto Araujo said during a visit to Washington that his government and the US would soon reach a free trade agreement but gave no specific date when that would happen.
The Brazilian official said the governments of Trump and Jair Bolsonaro were negotiating "in generic terms" and that the goal was to determine quotas for the exchange of specific goods, such as meat and steel, so that later a deal can be reached that eliminates or substantially lowers tariffs.
According to the Office of the US Trade Representative (USTR), trade in goods and services between the US and Brazil added up to $103 billion in 2018.
New Delhi, Jan 28 (IANS) Effectively seeking to end the tenure of Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi, the Finance Ministry has in a quiet move called for applications to fill up the post.
An order dated January 24 has been issued by the Economic Affairs Division of the Finance Ministry titled, "Filling up the Post of Chairman, Securities and Exchange Board of India".
The order invites applications for filling up the post of SEBI Chairman. The Chairman will receive a consolidated pay of Rs 4.5 lakh per annum as recommended by the Seventh Pay Commission, the recommendations of which were accepted by the government in 2016.
The Chairman shall hold office for not more than 5 years and shall not hold office beyond 65 years, whichever is earlier.
Applications are to reach by February 10 with annual confidential reports of five years, integrity certificates, vigilance certificates and no penalty certificates.
It may be pointed out that February 10, 2017 is the date when Tyagi was appointed SEBI Chairman by the Appointments Committee of the Cabinet (ACC) for a five year term. February 10 is also the date when new applications are being invited, exactly three years into Tyagi's term.
At that time, Tyagi was Additional Secretary, Finance Ministry. He is an IAS officer of the 1984 batch of the Himachal Pradesh cadre.
However, soon after his appointment, the government had curtailed his tenure by two years, barely a week after his name was cleared to succeed the incumbent UK Sinha with a five-year term.
Tyagi's term was fixed for an initial period of three years.