Argentina plans to raise grain export duties: new government takes first steps to address economic crisis

Argentina's new administration, headed by libertarian President Javier Millais, is planning to raise export duties to 15% on a number of grains, although the initiative does not affect soybeans, Reuters reports, citing an insider source.

The announcement comes on the heels of Economy Minister Luis Caputo's announcement of economic measures aimed at fixing the country's fragile economy, including higher taxes on certain exports. However, he noted that this would not affect the agricultural sector.

According to local media reports, the Milei government intends to try to implement changes in the tax sphere by submitting a bill to Congress.

A source in the grain export sector with direct knowledge of the matter confirms the content of La Nacion's report.

President Milei, who has distinguished himself as a libertarian economist, promises to take "shock" measures to address the country's serious economic crisis. The government is in critical need of finance, particularly foreign currency, as the agricultural sector is a key export driver.

Minister Caputo has already presented the first measures, including a devaluation of the peso by more than 50% and significant spending cuts. All these measures are aimed at stabilizing the economic situation in the country.