U.S. President Trump and Argentine President Milei. Reuters Yonhap News

 The Argentine government is in negotiations for a new bilateral trade package with the United States, which includes duty-free quotas for steel and aluminum and an expansion of preferential export volumes for meat, and an agreement is expected as early as the end of this month, local economic media Ambito reported on the 8th (local time).

The media outlet cited diplomatic sources as saying that the negotiations are being pursued by restructuring the annual steel and aluminum export cap model of approximately 180,000 tons, which was signed during the term of former Argentine President Mauricio Macri and the first term of the Donald Trump administration in 2018.

Currently, the U.S. imposes a 50% tariff on steel and aluminum imported from major countries worldwide. If an agreement is reached, the structural cost burden for Argentine export companies highly dependent on the U.S. market, such as Aluar and Ternium, is expected to be significantly eased.

The Argentine Ministry of Foreign Affairs explained that the negotiations are an expanded trade package that also includes preferential tariff access for 80,000 tons of meat to the U.S. market.

Regarding the timing of the agreement, President Javier Milei reportedly said at a recent business forum in Miami, USA, "We will be able to make a joint announcement with the United States within this month."

Newly appointed Argentine Foreign Minister Pablo Quirno also indicated that practical coordination is entering its final stages, stating, "I plan to visit the United States next week to continue negotiations."

In connection with this, it is known that U.S. Treasury Secretary Scott Bessent, who visited Argentina in April, plans to visit Argentina again within the year to discuss bilateral macroeconomic cooperation and the implementation of trade agendas.

The bilateral trade package negotiations are taking place amid a trend of strengthening political and economic solidarity between U.S. President Trump and Argentine President Milei. Based on this, Argentina is aiming to consolidate its strategic partnership with the U.S. focused on trade, energy, and attracting investment, with the goal of expanding exports and pioneering new markets, Ambito pointed out.

Argentina, which has been experiencing chronic foreign exchange reserve shortages, has recently been somewhat relieved of short-term liquidity pressure thanks to a currency swap agreement worth approximately $20 billion (about 29 trillion won) supported by the Trump administration and direct purchases of Argentine pesos by the U.S. Treasury.

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