President Mauricio Macri as saying that Argentinian government imposed tariffs on all exports, including steel products, to avoid a great percentage of exported products following the country’s currency devaluation in the past week. The tariff varies between primary products and finished products. For primary products, for every USD 1 exported, a duty of Argentinian Pesos 4 is charged, while for finished products, for every USD 1 exported a duty of Pesos 3 is charged. No breakdown was provided for categories of primary or finished products. Mr Macri said that “We know that it is a bad tariff, very bad, that goes against what we want to encourage, which is more exports to encourage more work. But I have to ask them to understand that it is an emergency and we need your input.”
Besides the tariffs, Mr Macri said the government will cut its ministries more than 50% and decrease public spending by 4%. All measures are already in place. The goal is to advance the fiscal deficit reduction to zero already in 2019, first expected for 2020.
Argentina is subject to a quota for steel exports to the US under Section 232 as well as aluminum imports. Argentina is able to export 180,000 tonne per year of value-added steel and 180,000 tonne per year aluminum to the US without facing tariffs.
Source : SP GLOBAL
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