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 ma

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.