Argentina's Milei slashes duties on key agricultural exports
BUENOS AIRES : Argentine President Javier Milei on Saturday announced 'permanent' reductions in duties on key agricultural exports.
The libertarian leader made the announcement in a speech to hundreds of farmers in Buenos Aires after promising the cuts during his presidential campaign with the ultimate goal of scrapping them completely.
According to official figures, the agricultural sector represents around 10% of Argentina's GDP, with agricultural products representing 60% of the country's exports in 2024.
Export taxes on poultry and beef will be reduced from 6.75% to 5%, corn from 12% to 9.5%, and soybeans from 33% to 26%.
Milei also announced cuts on major exports like sorghum, sunflower seeds and byproducts, and soybean byproducts.
'These reductions are permanent, and there will be no going back as long as I am in power,' Milei said at the 'Expo Rural', a major agricultural fair held every year in Buenos Aires.
Argentina is one of the world's leading producers of soybeans and their derivatives, which accounted for nearly 25% of the country's total exports in 2024, according to the national statistics institute Indec.
In January, the Argentine government adopted temporary export tariff reductions which expired in June. Tariff cuts on wheat and barley were extended and will now be permanent.
The long-promised cuts come amid Argentina's easing inflation, which had reached record levels in 2023.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
7 hours ago
- Malay Mail
Selangor water tariffs to rise from Sept 1, no changes for low-use domestic users, new rate introduced for data centres
KUALA LUMPUR, Aug 1 — The Selangor government today confirmed that new water tariffs for users in the peninsula and Labuan will take effect from September 1, following Cabinet's approval of a review aimed at improving treated water services for both consumers and industry. In a statement tonight, Selangor Menteri Besar Datuk Seri Amirudin Shari said the revision — led by the National Water Services Commission (SPAN) — includes a newly introduced tariff category for data centres, which will now be charged RM5.31 per cubic metre due to their high water usage for cooling systems. For domestic households, there will be no change in tariffs for those consuming up to 20 cubic metres (m³), with the rate remaining at RM0.65/m³ and a minimum charge of RM6.50. However, rates will increase progressively for higher usage brackets. Households using between 20m³ and 35m³ will see an increase of RM0.30/m³ to RM1.62/m³, while those exceeding 35m³ will pay RM3.51/m³ — up RM0.88/m³ — for each additional cubic metre. 'For residents of low-cost homes, the increase will be minimal — just RM0.10/m³, bringing the new rate to RM1.18/m³, to minimise the cost of living impact, ' Amirudin said. Tariffs for condominiums and government quarters will also be revised, with the minimum charge for flats remaining at RM173/month, while estates and government quarters will pay RM20.90/month. For commercial and non-domestic users, the new rate will match the highest domestic tier at RM3.51/m³, with those consuming above 35m³ facing a further increase to RM3.83/m³. Places of worship and welfare institutions will continue to enjoy the lowest rate, with a marginal increase to RM0.76/m³. Amirudin also announced that the Selangor government would absorb the annual RM100,000 cost increase for places of worship and welfare institutions and expand its free water scheme to cover more lower-income households. 'More than 1.3 million Selangorians will continue receiving 20m³ of water for free monthly through the Darul Ehsan Water Scheme (SADE). The qualifying monthly household income threshold will be raised from RM5,000 to RM6,000 to reach more people, ' he said. To apply for the scheme, eligible residents can visit Air Selangor's official site beginning August 8. The state government will allocate RM52.7 million annually to support this initiative, Amirudin added, saying it reflects Selangor's commitment to balancing affordability with sustainable infrastructure investment. Among key improvements cited were the replacement of over 730km of old pipes since 2018, a reduction in non-revenue water losses from 27.7 per cent to 27.3 per cent, and a rise in reserve margins to 16.74 per cent as of June 2025. Selangor also plans to accelerate its pipe replacement rate to 300km per year and build two new water treatment plants — Rasau and Labohan Dagang 2 — at a combined cost of over RM8 billion, which will add 2,730 million litres per day to supply. 'These steps are crucial as the state targets a 20 per cent water reserve margin by 2030, ' said Amirudin.
Malay Mail
8 hours ago
- Malay Mail
Ringgit slips against US dollar as new tariffs take effect despite reduced rate
KUALA LUMPUR, Aug 1 — The ringgit closed lower against the US dollar on Friday as the dollar strengthened following new tariffs imposed by the United States on its trading partners, alongside developments related to the 13th Malaysia Plan (13MP). At 6pm, the local note fell to 4.2750/2815 versus the US dollar from yesterday's close of 4.2650/2730. The US announced today that it is imposing a reduced 19 per cent tariff on Malaysian imports. The tariffs take effect seven days after 12.01am on August 1, with goods already in transit granted a seven-day grace period to ease the immediate impact on supply chains. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that despite this positive development, traders remained cautious, and the weakness of the ringgit was somewhat mitigated by the news of the tariff reduction. He said that the reciprocal tariff of 19 per cent on Malaysia means that the impact would be minimised from the previous tariff rates of 25 per cent. 'There could also be an opportunity for Malaysia to continue to discuss and negotiate with the US, and along the way, the country could get an improved deal. This could be ringgit-positive in the medium term,' Mohd Afzanizam told Bernama. He emphasised that the 13MP is anticipated to have a positive impact on the ringgit in the mid to long term. Under the 13MP, development expenditure has been increased to RM430 billion, which is expected to boost domestic demand and encourage investment activities, ultimately supporting Malaysia's gross domestic product growth. The 13MP was tabled by Prime Minister Datuk Seri Anwar Ibrahim in Parliament on July 31. It aims to drive sustainable growth based on value creation across all sectors. Of the RM430 billion allocation, Anwar said more than half, or RM227 billion, will be channelled to the economic sector as the main pillar of the country's growth. Meanwhile, at the close, the ringgit ended higher against major currencies. It rose against the Japanese yen to 2.8407/8452 from 2.8443/8498 at the close on Thursday, appreciated versus the British pound to 5.6208/6293 from 5.6426/6532, and gained against the euro to 4.8752/8826 from 4.8766/8857 previously. The ringgit was mixed against regional peers. It improved against the Indonesian rupiah to 258.8/259.4 from yesterday's 259.1/259.7 and edged higher versus the Thai baht to 13.0058/0319 from 13.0448/0753. The local note fell against the Philippine peso to 7.35/7.36 from 7.31/7.33 and weakened against the Singapore dollar to 3.2907/2960 from 3.2889/2953. — Bernama
The Sun
9 hours ago
- The Sun
KPKM boosts food security under 13MP with agrofood strategies
PUTRAJAYA: The Ministry of Agriculture and Food Security (KPKM) has reaffirmed its commitment to strengthening national food security through strategic initiatives under the 13th Malaysia Plan (13MP). The ministry stated that Thrust A of the 13MP, which focuses on enhancing economic complexity, will drive comprehensive efforts to reduce import dependency and improve the resilience of Malaysia's food system. Key strategies include increasing food production, securing food supply, and reinforcing supply chains. 'Large-scale agrofood production, including five padi planting seasons in two years, irrigation upgrades, improved crop and livestock varieties, and advanced fisheries technology, are top priorities for the next five years,' KPKM said in a statement. These measures are projected to contribute to a 1.5 per cent annual growth in the agriculture sector. Aligned with the National Agrofood Policy 2021-2030 (NAP 2.0), the 13MP sets specific self-sufficiency ratio (SSR) targets for key commodities. These include fruits (83 per cent), vegetables (79 per cent), beef (50 per cent), poultry (140 per cent), eggs (123 per cent), fisheries (98 per cent), and rice (80 per cent). The ministry emphasised modernisation and mindset shifts among stakeholders to achieve these goals. 'KPKM is confident that collaborative efforts will reinforce food security in line with NAP 2.0 and the 13MP by 2030,' the statement concluded. - Bernama
