November 14th, 2025
1. The United States and Argentina announce a trade agreement
The United States announced an understanding between the administrations of Donald Trump and Javier Milei to move forward with a broad agreement covering: the elimination of tariffs, market opening, regulations for technological goods, and commitments on labor, environmental, and digital issues, with an impact on bilateral exports and investments. On the one hand, Argentina will grant preferential access to US markets for exports of goods including medicines, chemicals, machinery, information technology products, medical devices, motor vehicles, and a range of agricultural products. In return, the United States will eliminate reciprocal tariffs on certain unavailable natural resources and unpatented items for pharmaceutical use. Both countries committed to improving bilateral access conditions for beef. In addition, national security considerations were taken into account in the tariff reduction. The agreement, which will be signed once the final text has been finalized, represents the most significant progress in trade relations between the two governments in decades and formalizes Washington’s support for the economic reform agenda promoted by President Milei. Argentina will seek to capitalize on the new political climate to attract investment and expand exports, while the US aims to consolidate strategic alignments and secure key supply chains.
Ámbito: Histórico: EEUU anunció un amplio acuerdo comercial con la Argentina
2. Luis Caputo at the 31st Industrial Conference of the Argentine Industrial Union (UIA)
In a presentation at the 31st Industrial Conference organized by the Argentine Industrial Union (UIA), Economy Minister Luis “Toto” Caputo spoke about the economic plan and structural reforms that are to be implemented. In this context, when asked about the exchange rate, he maintained his position on floating between bands, arguing that other countries also maintain this system. He emphasized the need to accumulate reserves and pay off debts. He mentioned that the economy began to decline after the attacks on Congress but that, after the elections, there has been a recovery, with hopes for a positive fourth quarter. The event took place in a context of declining activity, increased imports, and high costs. Despite this, Caputo was widely applauded by business leaders, as the UIA is hopeful about the labor and tax reform proposals. However, it should be noted that industrialists do not expect the current government to remain in power, but rather see it as a transitional arrangement. This is because the ruling party’s proposal is not “pro-industry.”
Perfil: Buena performance de Luis Caputo en la UIA: “La Unión Industrial Argentina aplaude el pragmatismo”
3. The United States executed a portion of the swap, while Foreign Minister Quirno meets with US companies
Foreign Minister Pablo Quirno traveled to the United States to participate in a roundtable discussion with Argentine Ambassador Alec Oxenford at the Meridian International Center in Washington, D.C., which was attended by representatives of U.S. companies investing in Argentina, including Chevron, 3M, American Global Strategies, Endeavor, and Beacon Global Strategies, among others. Quirno reaffirmed the course of the economic plan and that labor and tax reforms are underway, mentioned the government’s commitment to mining and energy to end the country’s recurring economic crises, and emphasized the importance of the Incentive Regime for Large Investments (RIGI) to encourage investment. Ambassador Oxenford mentioned that the rapport between Milei and Donald Trump favors the presidential administration. Meanwhile, U.S. Treasury Secretary Scott Bessent said Tuesday that the U.S. government used a tranche of the currency swap, and that the operation generated profits for the United States. According to reports, the U.S. Treasury sold bills in pesos issued by the Central Bank of the Argentine Republic (BCRA) and used the swap to replenish the dollars used in market interventions before the Argentine elections.
4. Inflation in October was 2.3%, accumulating 24.8% so far this year
On Wednesday afternoon, the National Institute of Statistics and Censuses (INDEC) published a new update of the Consumer Price Index (CPI). The survey indicated that inflation rose 2.3% in October, the highest in the last six months. In year-on-year terms, the CPI variation was 31.3%, while it has accumulated 24.8% so far in 2025. Additionally, the agency also reported that the Basic Food Basket (CBA) and Total Basket (CBT) grew by 3.1%, which is above the CPI. Thus, according to the basic basket, a typical family needs more than $1.2 million to avoid poverty and $544,304 to avoid extreme poverty.
Todo Noticias: La inflación de octubre fue de 2,3% y acumula 24,8% en lo que va del año
5. National Cabinet: transfers of areas and meeting of the “inner circle”
The Executive Branch began to implement the first concrete changes in administrative reorganization, which seek to reflect the new way in which the government intends to operate with the arrival of Manuel Adorni and Diego Santilli to the Office of the Chief of Staff and the Ministry of the Interior, respectively. Thus, the Chief of Staff’s Office will now have under its purview the Secretariat of Communication and Media and the Secretariat of Tourism, Environment, and Sports. Both are no longer under the purview of the Ministry of the Interior, which also transferred control of two other key areas: the National Directorate of Migration and the National Registry of Persons (RENAPER), both to the Ministry of National Security. The following day, President Javier Milei met with his inner circle in the presidential office. The circle is made up of his most trusted officials: the Secretary General of the Presidency, Karina Milei; the Chief of Staff, Manuel Adorni; the Minister of the Interior, Diego Santilli; the Minister of National Security, Patricia Bullrich; the President of the Chamber of Deputies, Martín Menem; and the presidential advisor Santiago Caputo. The purpose of the meeting was to discuss the status of talks with the provinces. Santilli plays a key role in this regard, as he traveled to Entre Ríos that same week to meet with Governor Rogelio Frigerio and plans to visit other provinces in order to build consensus for the 2026 budget.