• Soybean export tariff to be lowered from 35 percent on Dec. 10
  • Tax on corn, wheat, beef and sunflowers completely eliminated

Argentina will reduce its tariff on soybean exports by five percentage points, to 30 percent, when President-elect Mauricio Macri takes office, Clarin reported, citing designated Agriculture Minister Ricardo Buryaile.

The new government also will fulfill electoral pledges to remove tariffs on wheat, corn, beef and sunflowers from Dec. 10, Buryaile said, according to Clarin. The soybean tariff will be cut by five percentage points a year until its elimination in seven years, Clarin said.

Argentina, the world’s third-largest soybean producer, is forecast to export 10.75 million tons of soybeans in its 2015-16 marketing year, according to the U.S. Department of Agriculture.

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