Overview
- The White House issued an executive order temporarily suspending the highest tariffs on a defined set of agricultural imports to help lower U.S. food prices and directed Treasury and USTR to assess the economic impact.
- Covered items include coffee, bananas, certain beef products, tomatoes, avocados, coconuts, oranges, pineapples, black and green tea, and widely used spices such as cinnamon and nutmeg.
- Washington and Buenos Aires unveiled a preliminary understanding toward a bilateral pact spanning agriculture, medicines, chemicals, machinery, IT, medical devices and vehicles, alongside plans to remove some non‑tariff barriers and accept certain technical certifications.
- Argentina’s government says the agreement will roll out in phases, technical rounds are still required, and it seeks a presidential signing, with outstanding issues flagged on intellectual property and on implementing import bans related to forced labor.
- Argentine assets rallied on the news, while analysts, business groups and opposition figures cautioned that the ultimate impact hinges on the fine print and warned of potential asymmetries, industry exposure and friction within Mercosur, particularly with Brazil.