President Donald Trump Monday announced new tariffs on Brazil and Argentina, citing harm to U.S. farmers. 

Trump says the tariffs on steel from Brazil and Argentina are in response to the “devaluation of their currencies.” 

Speaking to reporters on the White House lawn before departing for the NATO gathering in London, President Trump stated,  “Our steel companies will be very happy, and our farmers will be very happy.” 

Trump says the currency devaluation is “very unfair” to U.S. farmers and manufacturers. 

Brazil and Argentina are serving as alternative markets of soybeans for China, allowing China to avoid tariffs on U.S. agricultural products stemming from the tit-for-tat trade war between China and the United States. 

The United States is the top soybean-producing country in the world, followed by Brazil, Argentina and China. 

President Trump also called on the Federal Reserve to “likewise act ” against all countries that are taking advantage of a strong U.S. dollar.