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Steel and aluminium exports from the two countries will be subject to the tariffs. President Trump says the Latin American nations are profiting as the value of their currencies are falling against the dollar. We speak to Jimena Blanco from research and consultancy firm Verisk Maplecroft in Buenos Aires.
President Trump has meanwhile arrived in London to meet with other Nato leaders to mark 70 years since its founding. Our diplomatic correspondent James Robbins discusses how the role of the military alliance has changed and the challenges it's facing today.
Sales of the traditional Japanese drink sake are falling in its home market. But the government is trying to boost its popularity abroad, and is looking at issuing more licences for production for export. Olly Wehring of Just Drinks tells us about the state of Japan's alcoholic drinks market.

Russell Padmore is joined throughout the programme by Professor Peter Morici, an economist at the University of Maryland, from Washington DC. and by Sushma Ramachandran, a former chief business correspondent at the Hindu newspaper in India, who's in Delhi.

(Picture: Steel bars for construction. Credit: Paulo Fridman/Corbis via Getty Images)