Stock Market Crash-Weak Manufacturing Data, Trump Raises Tariffs on Brazil and Argentina. Manufacturing PMI showed a slump in the manufacturing sector once again. The ISM Manufacturing Index registered 48.1 in November, down from 48.3 in October and below market expectations of 49.4. Anything below 50 represents contraction in a survey that gauges the activities of goods producers.
Particular weakness came in inventories and new orders, while employment also showed reduced expectations. Though the level is usually reported as a simple number, it actually denotes the percentage of manufacturers planning to expand operations. A reading below 50 represents contraction; November was the fourth straight month below the expansion level.
President Trump on Monday said he would restore tariffs on steel and aluminum imports from Brazil and Argentina, saying both nations have been devaluing their currencies.
Mr. Trump made the announcement, which hadn’t been expected, on Twitter. “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers,” the president wrote.
Formal notices of the tariffs were not immediately announced by the Treasury or Commerce Departments or the Office of the US Trade Representative. Both Brazil and Argentina were exempted from 25% steel and 10% aluminum tariffs last year when Trump was attempting to avoid a trade war with those countries. The President's decision amounts to retaliation against two countries that have served as alternative suppliers of soybeans and other farm products to China, grabbing market share away from American farmers, a key constituency the President will need to win reelection in 2020.
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