Argentina said on the 5th it will not submit the reciprocal trade and investment
agreement signed with the United States on Feb. 5 to Congress for approval in
the near term. Under Argentina’s constitution such treaties require
congressional ratification. The government cited a February U.S. Supreme Court
ruling that the International Emergency Economic Powers Act (IEEPA) does not
authorize the president to impose large-scale tariffs, limiting the U.S.
president’s ability to deliver tariff and market-access commitments by executive
action and affecting market-access provisions in the pact. Consequently, the
agreement will not enter the legislative agenda soon.
