Milei announces fresh export tax cuts, promises further reductions if re-elected

President Javier Milei announced a reduction in export duties on wheat and barley and promised further cuts if he wins re-election in 2027. The Argentine leader also stated he would not lower taxes only to raise them again later, as previous administrations had done. Speaking at the Buenos Aires Grain Exchange on Thursday, Milei said export taxes on wheat and barley would be reduced from 7.5% to 5.5% starting in June. He also outlined a gradual reduction scheme for soybeans beginning in January 2027 and continuing through 2028, conditional on fiscal revenue and a second term in office. The president also said export duties on the automotive, petrochemical and machinery industries would eventually be eliminated altogether under a timetable to be announced by the Economy Ministry. “We’re going to keep cutting export duties. We’re going to keep shrinking public spending to return to decent Argentines the money that rightfully belongs to them,” he said, stressing that “there is going to be a revolution of wealth.” Lowering taxes Milei, who received a commemorative plaque from the Grain Exchange, told the audience that his administration had come to power “to restore economic freedom” and described decades of agricultural policy as “unforgivable.” He accused previous governments of using the farming sector to finance “the State, political allies and their clients,” calling it a “systematic model of plunder.” Milei reiterated that reducing taxes — including export duties — remains one of the government’s priorities, but argued that such cuts can only be sustained alongside fiscal balance and economic growth.  He defended his administration’s austerity program, saying public accounts were now in order and would remain so “to the very end.” The president also accused the opposition of attempting to destabilize the government by promoting legislation that threatened fiscal equilibrium. According to Milei, the resulting uncertainty fueled a rush into dollars and disrupted the recovery program. ‘The Rolling Stones’ Regarding inflation, Milei said the government will continue fighting until it has “eradicated” the problem. He defended the fiscal adjustment measures, arguing they had cut poverty in half and lifted 14 million Argentines out of poverty. The president also celebrated recent victories in Congress, claiming his administration had defeated opposition initiatives in 13 lower-house votes.  In the midst of fierce infighting within the La Libertad Avanza (LLA) party, the libertarian leader praised his cabinet, comparing his ministers to “The Rolling Stones” and to tango icon Carlos Gardel “with an electric guitar.” Addressing business leaders at the event, Milei argued that wealth is created by markets rather than the State and told entrepreneurs they were the ones who “lift people out of poverty.” With information from Ámbito