Manufacturing Industry
Argentina's protectionist schemes expand to diesel
Diesel Fuel News, May 27, 2002
Rather than promoting free markets, Argentina's collapsing economy continues with schemes to protect national industries and labor unions, raising costs for consumers and degrading competitiveness. Now it's quadrupling export taxes on diesel and LP-gas in order to subsidize Argentinean farmers, according to a Reuters report.
A similar tax scheme wiped out natural gas exports last month. Such schemes prevent inflow of critical capital needed for investment in competitive industries that can generate profitable jobs without huge subsidies. U.S. Congress is heading down same path with hundreds of billions of dollars of new subsidies for U.S. farmers (see related story this page), provoking unfair-trade protests from farm producers in many other countries.
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