U.S. Suspends Argentina Trade Benefits Over Unpaid Damages

President Barack Obama plans to suspend trade preferences for Argentina in retaliation for the government’s failure to pay damages owed U.S. investors.

Goods worth $477 million, about 11 percent of total U.S. imports from Argentina last year, will no longer be eligible for tariff reductions under the Generalized System of Preferences, a program to assist trade from developing nations, the U.S Trade Representative’s office said in a statement.