Argentina wants to reduce export duties on soybeans from 2018 to monthly 0.5%

Argentina intends to reduce its export tax on soybeans from January 2018 every month by 0.5%. This is a decrease of 12 percentage points to 18% calculated by end 2019. It announced today the Government in Buenos Aires.
As the advocates of a free market, Mauricio Macri, was President of the Government in December 2015, he lowered the export duty for soybeans already 5% percentage points from 35% to 30%. However, he also promised annually each additional 5% to lower the duty rate.
Because the Government needs the revenue in the budget, because the economy shattered, this plan has been changed now. 2017 expects a budget deficit of 4.2%. Immediately after taking office, Macri let the currency float, and lowered the export duties on wheat and corn to "0".
To apply the formula to reduce monthly 0.5% of tariffs, also in exports for soybean oil and soybean meal. There is currently a tariff of 27%.

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