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LatinNews Daily - 26 March 2018

US imposes new sanctions on Venezuela; Petro

Argentina: On 19 March, Argentina’s treasury minister, Nicolás Dujovne, spoke with US Treasury Secretary Steven Mnuchin to ask the US to exempt Argentina from the new steel and aluminium import tariffs that the Donald Trump administration has proposed to implement. Dujovne and Mnuchin met at the first G-20 meeting of finance misters and central bank governors held in Argentina’s capital, Buenos Aires, from 19-20 March. The Argentine government requested an exemption from the 25% steel tariffs and the 10% aluminium tariffs on the grounds that Argentina’s exports of these goods account for a very small market share of US imports at just 0.6% of US steel imports and 2.3% of aluminium imports, according to Argentina’s production ministry. The Argentine government has also noted that the US has a trade surplus with Argentina to the tune of US$4.75bn in 2017. Based on these figures, the Argentine government argued that Argentine steel and aluminium exports do not distort the US domestic market - the justification that the Trump administration has given for imposing its new import tariffs. The US government had already said that it would extend exemptions to its North American Free Trade (Nafta) partners, Mexico and Canada, after they successfully argued that the tariffs would negatively impact the US domestic economy. Therefore, Argentina’s request was also accepted, with the US government announcing after the G-20 meetings in Buenos Aires that it had agreed to exempt Argentina and Brazil, along with a handful of other countries from its new steel and aluminium import tariffs.  

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