Argentina, one of leading soybean, corn and wheat exporters, announced that it will raise taxes on crop exports. The move came subsequent to bad news in domestic economy. The Latin American country is suffering from high inflation and interest rates.

Argentina’s government announced a new tax on crop exports in order to resolve the financial crisis. President Mauricio Marcri said that all shipments of primary exports will be levied at four pesos per dollar in a televised speech. The tax increases are considered to be in contradiction to the anti-tariff measures on agricultural products that were also implemented by him since 2015. 2019 has already been a difficult year for Argentinean farmers as drought has decreased the country’s soybean crop forecast to 36 million tons. Argentina’s economy has been damaged by high inflation and interest rates and a devaluated currency. Argentina is the world’s third-ranked soybean and corn exporter and is seventh in wheat exports.