Shares of Argentine aluminium manufacturer Aluar fell more than 10% on Monday after President Donald Trump gave a statement about restoring tariffs on steel and aluminium imports from Argentina and Brazil. Trump announced this in a tweet post earlier on Monday.
President of Aluar, Javier Madanes Quintanilla said that the decision of the United States to restore tariffs against aluminium and steel from Argentina will hit the company very hard. He criticised the Government of Mauricio Macri for "ineffectiveness" in its foreign policy.
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The businessman said that the tariffs will have serious repercussions on the country’s commerce and economy. He pointed towards the government’s inability towards maintaining the international commercial relationship in a way it should have been.
Madanes Quintanilla calls the US decision to restore tariffs the results of a long time strategy. The Argentine Government, in his opinion failed to read the implications of the problem that is being faced.
“These setbacks must be taken from the foreign policy side, from the diplomatic point of view, and when it is addressed to a particular sector, we must also see what happens with the general economic policy," he said.
A ministry spokesperson said on Monday that Argentina's Foreign Ministry would begin negotiations with the U.S. State Department on President Trump's decision to restore tariffs on imports of Argentine steel and aluminum.
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