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Argentina is geographically the most remote from the United States of all South American countries. Their ports are closer to the main ports in Europe than to New York. It alone among the Republics of Latin America is a commercial rival of that country that sells its agricultural products abroad in competition with those of the United States. It offers the best market in Latin America for European products, as well as for American products, and competition for their trade is fierce. It employs the largest amount of foreign capital – more English than the relatively profitable American-in investments. Their population is growing and their resources are promising a rapid expansion of their production, with a corresponding increase in their purchasing power. From a foreign trade perspective, the Argentine Republic was the most important country visited by President-elect Hoover during his tour of Latin America. Argentina is the best U.S. customer in South America and absorbs nearly forty percent of all U.S. exports to the continent. At the same time, it is the most independent and confident of all the republics of the South. Their leaders have strongly criticized the Monroe Doctrine and other Latin American policies in the United States.
Shortly before Mr. Hoover`s visit, they threatened retaliation if U.S. tariffs were adjusted to the detriment of Argentine products. Argentina`s chief of staff, Marcos Pea, told reporters on Thursday that a free trade agreement with the United States was “more of a long-term project” than something imminent. Against this recessive backdrop, exports of U.S. goods to Argentina increased from $9.91 billion (2018) to $8.15 billion (2019). Boosted by a favourable exchange rate, Argentina`s merchandise exports to the United States increased slightly from $4.83 billion (2018) to $4.92 billion (2019). Nevertheless, the United States maintained a significant bilateral trade surplus of more than $3 billion. About 90 percent of U.S.
goods exports to Argentina are used in local industry and agriculture, including refined oil, aircraft and airplanes, computers, industrial and agrochemical chemicals, agricultural and transportation machinery, machine tools and parts for oil rigs. Argentina`s main exports to the United States are crude oil, aluminum, wine, fruit juices and precursors such as seamless pipes, tubes and other iron-based products. Macri, under the fire of economic turbulence in his own country and a biting recession, has long established itself as an attempt to open up Argentina`s economy and forge trade relations with global partners.