But Argentina and Brazil don’t manage their currencies, like China can. Their currencies are traded on the open market, and they are worth less now because those two countries are spending more than they have, and investors are worried the B Real and Arg Dollar won’t buy as much due to debt.* (Note: So is the USA, but right now people believe we will pay our bills, people aren’t so sure Brazil or Argentina won’t just default.)
So he is putting a tariff on their steel, which will only worsen their economy and drive their currencies down again.
He could then admit his mistake and move on. Or pretend (again) they did this on purpose and double down. What do you think the likelihood him admitting it didn’t work is (I have a bridge to sell if you think he will admit it didn’t work.)
*This happens because if there is too much debt, the country can just print more money. The more money you print, especially to pay debt, means each unit of currency is worth less than before extra money was printed.
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