Argentina suspends grain export taxes ahead of elections

The Argentine government announced on Monday that it will temporarily suspend taxes on grain exports in a bid to woo farmers and revive the economy ahead of parliamentary elections.

Manuel Adorni, the presidential spokesman, said on the social networking site „X“ that the taxes would be lifted by 31 October.

The tax changes come at a time when Argentina is seeking a loan from the US Treasury to cover upcoming debt payments and calm financial markets.

Since President Javier Milei's party suffered a crushing defeat in the Buenos Aires provincial elections on 7 September, where it was defeated by the centre-left Peronist movement, the Argentine peso has plummeted.

The election was seen as an important test ahead of the mid-term elections scheduled for 26 October.

Milei plans to travel to the United States this week and meet US President Donald Trump on the sidelines of the United Nations General Assembly in New York on Tuesday.

U.S. Treasury Secretary Scott Bessent expressed support for Argentina on Monday on the social networking site „X“.

„Argentina is a systemically important U.S. ally in Latin America, and the U.S. Treasury stands ready to do everything possible within its authority to support Argentina,– he wrote.

„All stabilization options are being considered“, – the US Treasury Secretary added.