Milei travels to US seeking dollars, announces temporary halt to grain export taxes

Argentina's President Javier Milei is traveling to the U.S. to seek financial backing, following a surprise announcement to temporarily eliminate export taxes on grains. The move aims to boost dollar reserves amidst economic challenges.

22 sept 2025 - 15:36 • 3 min read

President Javier Milei is embarking on a trip to the United States seeking crucial support for his economic program, shortly after announcing a temporary suspension of export taxes on grains. The President delayed his departure by a day to monitor the market's reaction to the measure, which was implemented to generate a greater influx of dollars.

Milei's agenda in the U.S. includes meetings with former President Donald Trump and International Monetary Fund (IMF) chief Kristalina Georgieva. This marks his twelfth trip to the U.S. during his less than two years in office, during which he is expected to receive awards from liberal organizations and deliver a speech at the United Nations.

The government announced on Monday morning that export taxes on all grains would be reduced to zero until October 31. Presidential spokesperson Manuel Adorni stated that the measure is intended to accelerate the entry of foreign currency at a time when the administration is working to stabilize the economic program and provide predictability to the foreign exchange market.

This decision comes as the Argentine economy faces scrutiny. The Financial Times recently published a critical assessment of Milei's economic plan, warning that the current dynamic is unsustainable. The publication noted the central bank's significant intervention in the currency market, spending approximately $1 billion to defend the peso. Between Wednesday and Friday of the previous week, the monetary authority sold hundreds of millions of dollars to keep the peso within its floating band.

Economists consulted by the Financial Times expressed concerns that while the country may not be at risk of running out of dollars, the extensive withdrawal of pesos from circulation to convert them into dollars could have a severe impact on economic activity. The newspaper also highlighted the market volatility following the ruling party's significant defeat in legislative elections in Buenos Aires province and congressional rejections of presidential vetoes.

Analysts have advised the government to calm markets by demonstrating political strength or securing new sources of dollars to halt the peso's decline. Failure to do so, according to the Financial Times, could force the government to prematurely alter its exchange rate regime, potentially harming its credibility and electoral prospects.

In other government news, the administration has promulgated the law declaring an emergency in disability services. However, its implementation has been postponed until Congress allocates the necessary funds in the national budget. The decree, published in the Official Bulletin, extends the emergency declaration until December 31, 2026, with a potential one-year extension. The Chief of Staff, Guillermo Francos, indicated that Congress had not clearly outlined how the expenses associated with the law would be financed.

Argentine Foreign Minister Gerardo Werthein also commented on the situation in Gaza, stating that Argentina recognized the Palestinian state in 2010. He clarified that Argentina's position supports an immediate cessation of hostilities and a resolution for the swift return of hostages.