Argentina Reinstates Export Taxes Amid Economic Struggles

Argentina has reinstated previously suspended export taxes on grains, their by-products, and meats after reaching a $7 billion export cap. The government initially suspended the taxes to boost international sales and bring in foreign currency, but the sales limit was hit in just two days.

Argentina's fiscal agency, ARCA, announced in a social media post that temporarily suspended export taxes on grains, by-products, beef, and poultry have been reinstated. This move comes after the export market quickly reached a sales cap of $7 billion, forcing the government to backtrack.

Earlier in the week, a government decree halted these export taxes on key agricultural goods, such as soy, corn, wheat, and biodiesel. The initiative aimed to accelerate foreign sales and stabilize the country's peso currency by securing much-needed dollars.

The tax suspension was intended to continue through October's end or until exports hit $7 billion; however, this limit was reached within just two days, prompting a swift policy reversal.

(With inputs from agencies.)