U.S. President Donald Trump said on Monday that he will immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina.

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

Trump also urged the Federal Reserve to prevent countries from gaining an economic advantage by devaluing their currencies.