Amcham highlighted the strategic sectors that would benefit from the FTA with the US.

The recent tariff measures implemented by Donald Trump's government generate uncertainty in some Argentine export sectors.

However, a report from the U.S. Chamber of Commerce in Argentina (Amcham) highlights that despite trade tensions, there are strategic opportunities to strengthen bilateral trade, especially in the agro-industrial and investment sectors.

Impact of tariffs and concern in the export sector

Trump applied 25% tariffs on steel and aluminum, directly affecting Argentine exports in these sectors due to the lack of tariff reciprocity.

Affected exports:

• Aluminum: USD 500 million (Aluar).
• Steel: USD 100 million (Tenaris - Grupo Techint).

Currently, Argentina applies an average tariff of 6.4% on U.S. imports, while Argentine exports face 1.2% in the U.S. territory.

The challenge of trade agreements and Mercosur

One of the main obstacles to a Free Trade Agreement (FTA) with the U.S. is Argentina's membership in Mercosur, which limits its ability to negotiate bilateral agreements. However, there are alternatives such as sectoral investment agreements or specific trade initiatives.

Meanwhile, the World Trade Organization (WTO) establishes the "Most Favored Nation" clause, which prevents the U.S. from applying differentiated tariffs without prior agreements.

Strategic opportunities for Argentina

Despite the challenges, Amcham highlights sectors with high growth potential in bilateral trade:

Agro-industry:

• Shrimp, wine, beef, sunflower oil, lemons, and honey.
• In December 2024, the U.S. authorized the import of Argentine grapes and garlic, boosting the sector.

Energy and technology:

• Lithium, oil, gas, 5G/WiFi 6 technology, and critical minerals.
• In August 2024, Argentina and the U.S. signed a Memorandum of Understanding to strengthen cooperation in mining and energy.

Industry and trade:

• Negotiations are underway to reduce anti-dumping tariffs on Argentine biodiesel, which could reactivate exports worth USD 1.2 billion.
• The reinstatement of Argentina in the Generalized System of Preferences (GSP), suspended in 2020, is being evaluated.

Challenges to attract investments and improve competitiveness

To seize these opportunities, Argentina must solve structural problems that limit its growth:

• Lack of legal security and currency restrictions.
• Poor infrastructure, especially in the Paraná-Paraguay Waterway, key for agro-industrial trade.
• High logistical costs affecting competitiveness.

Currently, the U.S. is the main foreign investor in Argentina, with 18% of the total stock of Foreign Direct Investment (FDI), equivalent to more than USD 165 billion. In commercial terms, the country maintains a structural deficit with the U.S., with an average negative balance of USD 2.7 billion annually between 2015 and 2023.

However, in 2024 this trend was reversed with a surplus of USD 302 million.