Argentina’s Federal Agency for Public Revenue announced on the 16th that it will substantially increase the reference prices for imported tires and polyester products and strengthen the import restrictions on these two types of products.

According to the announcement, Argentina will increase the reference prices for the import of tires for automobiles, passenger cars, trucks and agricultural machinery vehicles. This measure involved 392 imported tire products and the price increase ranged from 30% to 38%. In addition, the announcement also announced an increase in the reference price for imported polyester granules in order to strengthen the protection of the domestic polyester industry.

The above two measures are mainly aimed at Asian tire and polyester product exporters in China, South Korea, the Philippines, India, Indonesia, Malaysia, Thailand, Singapore and Vietnam.

Since 2009, Argentina has adopted a series of measures to restrict imports, including setting reference prices for imported products. If the customs declaration price of the imported product is lower than the reference price, the tariff will be levied at the reference price.