Argentina will request a “high access stand-by” financing arrangement from the International Monetary Fund (IMF) to calm volatile financial markets, in a move that could finance the country through next year, officials said on Wednesday.
Argentina's central bank has raised interest rates as the country's currency, the peso, continues to fall sharply.
Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil
U.S. stock index futures rose more than a percent on Tuesday after Chinese President Xi Jinping promised to cut import tariffs, soothing investor concerns about rising U.S.-China trade tensions.
China hit back quickly on Wednesday against the Trump administration’s plans to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, beef and chemicals.
China has imposed tariffs of up to 25% on 128 US imports, including pork and wine, after US President Donald Trump raised duties on foreign steel and aluminium imports in March.
World stocks came off six-week lows and U.S. stock futures jumped on Monday on optimism that the United States and China are set to begin negotiations on trade, easing fears about a trade war between the world’s two largest economies.