According to foreign media reports, Argentine PresidentMauricio Macri said on Monday that the government has imposed export tariffs onall goods, including steel, to curb the excessive growth of exports due to thedepreciation of the domestic currency last week. Primary goods and finishedproducts are treated differently when import tariffs are imposed. For everydollar of primary commodities exported, tax 4 Argentine pesos; for every dollarof finished goods exported, tax 3 Argentine pesos. Details of the specificclassification of the goods involved in this taxation are not provided.

Earlier this year, the United States set an annual maximumquota for steel and aluminum products imported from Argentina under Section232. Argentina's annual export of duty-free steel products and aluminumproducts to the United States is 180,000 tons. The over-quota portion will besubject to additional tariffs by the US.

Since 2018, Argentina exported 86,054 tons of steel to theUnited States, down 11.9% from 97,747 tons in the same period last year. In2017, Argentina exported 211,465 tons of steel to the United States, thehighest since 2013.

Although Argentina does not provide official customs data,the South American country is undoubtedly one of the major steel suppliers tothe United States.