The Argentine government said, less than two days after having removed export taxes on agricultural products until October 31 or until US$ 7 billion was collected, that the second objective had already been achieved and that, therefore, export taxes return to the rates that were in effect until last Friday.
“From now on, only export sales statements can be registered under the scheme that was in effect before decree 682/2025,” the government said on social media. This means that starting last Thursday the same export duty rates in place until the week before will apply again.
However, just a few hours later, Presidential spokesperson Manuel Adorni clarified that, in the case of beef and poultry, the rate will remain at 0% until October 31.In the two days the tax cut lasted, 3.9 million tons of soybeans were traded.
Speculation abounds over the Argentine government’s back-and-forth. One of them is that U.S. Treasury Secretary Scott Bessent may have demanded that, in order to make effective the U.S. loan to Argentina negotiated between Presidents Trump and Milei, along with Bessent himself, Argentina should not reduce its tax revenue.
Bessent said on the social network X that “the Treasury is currently negotiating with the Argentine authorities a US$ 20 billion swap line with the Central Bank. We are working in close coordination with the Argentine government to avoid excessive volatility.”
