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U.S. Steel Tariffs on Argentina, Brazil Aren’t Settled, Says Trump Adviser

A top White House adviser cast doubt on President Trump’s statements last week that he intended to immediately place steel and aluminum tariffs on Argentina and Brazil.

The White House is considering the action, Lawrence Kudlow, the director of the White House National Economic Council, said at The Wall Street Journal CEO Council meeting on Tuesday, but the U.S. might not move forward with the tariffs.

“No decisions have been made,” he said of tariffs against Brazil and Argentina.

Mr. Trump caught financial markets by surprise and appeared to open a new front in the global trade war when he announced the tariffs on Twitter last week.

Mr. Trump’s remarks didn’t imply that the tariffs were merely under discussion.

“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” Mr. Trump said on Dec. 2. “Therefore, effective immediately, I will restore the Tariffs on all Steel Aluminum that is shipped into the U.S. from those countries.”

The White House hasn’t released anything that would formalize the tariff actions unveiled by the president.

Mr. Kudlow also said the U.S. hasn’t reached a final decision on postponing a new round of tariffs that are currently scheduled to take effect against Chinese imports on Dec. 15. Mr. Trump has gone back and forth in his public remarks between threatening a prolonged trade battle and trying to calm jittery investors with optimism about the negotiations with Beijing.

“If it’s not the kind of deal he wants, then the December 15 scheduled tariffs will go back into place,” Mr. Kudlow said.

He said Mr. Trump had struck an optimistic and conciliatory tone in the last week or two, in his public comments and his tweets, but emphasized that a phase-one trade deal has yet to be completed.

“I don’t want to sound pessimistic,” he said. “Those tariffs are still on the table.”

Mr. Kudlow said removal of some existing tariffs was part of the discussion with Chinese officials.

Also speaking at the WSJ CEO Council meeting, senior White House adviser Jared Kushner, the president’s son-in-law, on Monday said the talks were “heading in a good direction.” Asked if Mr. Trump would follow through with more tariffs, Mr. Kushner said: “I don’t know what his decision will be.”

Mr. Kudlow separately said the administration is continuing to work on a Tax Cuts 2.0 proposal, but said it likely wouldn’t be released until close to the 2020 presidential election. He also said it would serve more as a planning document for Mr. Trump’s second term.

Mr. Kudlow said the plan would likely include cuts for both businesses and individuals, with a focus on middle-class tax relief, but he didn’t provide specifics.
Source: Dow Jones

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