Author: Dr. María José Etulain Sórensen
International Trade Strategist | Supply Chain Analyst | USA–Argentina Business Expansion | Trade Defense
Date: April 21, 2026

A Trade Surplus with Structural Changes

He foreign trade Argentina’s merchandise trade posted a positive balance in the first quarter of 2026. However, behind this result lies a clear pattern: energy, agriculture, and mining are driving exports. exports, while the industry loses relative weight.

Employment and transformation of the labor market

Analyzing the overall context reveals some key data: in a country of 48 million inhabitants, only slightly more than 1 in 10 Argentinians has formal private-sector employment. Furthermore, job losses continue in sectors such as industry, construction, and commerce.

This scenario directly impacts where job opportunities are generated, especially for new generations.

The growth of knowledge-based services

In this context, a third path emerges strongly, one that is no longer a promise, but a consolidated reality.

Knowledge-based services accounted for over 285,000 formal jobs, generating 9,000 new positions in the last year, and the software sector alone employs more than 159,000 people. Furthermore, exports from these services are projected to reach nearly USD 9.6 billion by 2025, positioning them as the country's third-largest export sector.

However, this phenomenon is not reflected in the trade balance of goods, which limits the traditional interpretation of foreign trade.

Strategic challenges for the Argentine economy

The challenge lies not in choosing between sectors, but in building a more balanced economy that allows for the development of formal, higher value-added jobs, aligned with the demand of international market.

For Argentina, a sustainable strategy requires strengthening technological education and the development of skills related to artificial intelligence.

Conclusion: present and future of foreign trade

Foreign trade in goods can define the current economic state of the country.

But the strategic decisions made today regarding the use of resources and the development of human capital will be decisive for the future and for future generations.

Do you need advice on foreign trade or international strategy?
Contact us at MJE Foreign Trade to support your decision-making in an increasingly dynamic global context.

Dumping is one of the most relevant — and controversial — practices in the international trade. Although its technical definition is simple, its economic, political, and legal implications are profound.

In this article, we address what dumping is from a practical perspective and analyze how the international context has evolved in recent years (2020–2025).

What is dumping?

From a practical perspective, dumping consists of exporting a product at a price lower than the one applied in the domestic market of the country of origin.

Example:
A company sells a product in its domestic market for USD 10,000, but exports it for USD 6,800. This difference can have a direct impact on the industry in the importing country, which is unable to compete with that price.

For dumping to exist, two elements must be present:

• an export at a price lower than the normal value
• injury to the domestic industry of the importing country

International framework: the role of the multilateral system

The treatment of dumping is regulated within the framework of the multilateral trading system.

With the creation of the World Trade Organization (WTO) and the agreements derived from the GATT, countries established common rules for international trade, including mechanisms to address unfair trade practices.

Article VI of the GATT expressly recognizes that dumping is a condemnable practice when it causes injury to a domestic industry.

The remedy: anti-dumping duties

When dumping and injury are established, countries may impose anti-dumping duties. an anti-dumping duty.

This consists of an additional import tariff whose purpose is to neutralize the effects of the practice.

However, its application is not automatic:

• it requires a prior investigation.
• it must comply with established procedures.
• it involves the participation of companies, governments, and interested stakeholders.

Why is it important to participate in anti-dumping investigations?

Anti-dumping investigations are not merely technical exercises: they are a key tool for protecting industry, employment, and fair competition.

Active participation allows:

• defending commercial interests
• providing evidence
• influencing the final decision

🟩 Recent evolution: what has changed between 2020 and 2025?

Recent years have been marked by global transformations that directly impacted international trade:

• COVID-19 pandemic
• Geopolitical conflicts (such as the war in Ukraine)
• Trade tensions between major economies
• Global logistics disruptions
• Changes in industrial and trade policies

This context generated:

• greater state intervention
• more frequent use of trade remedies measures
• Revaluation of tools such as antidumping

Today, anti-dumping measures respond not only to multilateral rules, but also to national strategies.

Final reflection

The multilateral trading system faces significant challenges. Current tensions are forcing a rethink of its functioning and its adaptation to a new global reality.

In this context, understanding the available legal tools—such as anti-dumping measures—is essential for companies engaged in international trade.

Is your company facing an anti-dumping investigation or challenges in international trade?

At MJE Comercio Exterior, we advise companies on legal strategies and trade defense.

👉 Contact us to evaluate your case.

Dr. María José Etulain Sórensen
Attorney specialized in Customs Law, anti-dumping, and risk management
Consultant in foreign trade and internationalization
Member of the Customs and International Trade Bar Association (CITBA)
Director of MJE Global

In 2025, Argentina exported a higher volume to the Chinese market than to the United States. However, a greater number of Argentine companies managed to enter the U.S. market.

This data raises an interesting question: which model of international integration is more convenient for companies?

A fact that changes the perspective

During a recent presentation at the Foreign Trade Committee of the United States Chamber of Commerce in Argentina, Dr. Federico Bernini shared a fact that invites us to rethink the country’s export strategy.

• Agribusiness exports to China: USD 8.199 billion
• Exports to the United States: USD 2.012 billion

However:

• Companies exporting to the U.S.: 1,083
• Companies exporting to China: 514

China vs United States: two different models

These figures reflect two very different foreign trade models:

• China: high volume, but concentrated
• United States: lower relative volume, but much more diversified

In practical terms, this suggests that the U.S. market is more accessible to a larger number of Argentine companies.

What does this mean for companies?

For exporting companies, this scenario opens up a concrete opportunity.

The U.S. market presents conditions that, in many cases, facilitate entry:

• greater demand diversification
• trade affinity
• favorable international context

This creates a relevant window of opportunity to rethink internationalization strategies.

Exporting to the U.S.: opportunity and challenge

However, entering the U.S. market requires operating under more stringent standards.

It is not only about price, but about:

• regulatory compliance
• certifications
• efficient processes
• timely compliance
• continuous supplier evaluation

A key aspect is understanding how the client measures its suppliers and which key performance indicators (KPIs) determine their reliability.

Conclusion

Beyond market attractiveness, the real differentiator lies in strategic preparation.

It is not only about entering, but about sustaining and growing over time.

At MJE Comercio Exterior, we support companies in the analysis and development of strategies for entering international markets, with a focus on decisions based on information and economic criteria.

This analysis is based on the article published by Dr. María José Etulain Sórensen, director of MJE Global and specialist in foreign trade.

👉 “See more articles on foreign trade”

Dr. María José Etulain Sórensen
Attorney specialized in Customs Law, anti-dumping, and risk management
Consultant in foreign trade and internationalization
Member of the Customs and International Trade Bar Association (CITBA)
Director of MJE Global

In an international landscape marked by growing geopolitical tensions, active industrial policies, and the strategic use of trade law, U.S. regulations on international trade have an impact that extends far beyond their borders.

Based on a high-level panel organized by the Customs and International Trade Bar Association (CITBA), this article examines how the convergence of trade, defense, export controls, and national security is reshaping the rules of global trade, creating new regulatory risks for companies and economic operators.

From a legal and strategic perspective, Dr. María José Etulain Sórensen examines the effects of these regulatory practices on global value chains and the specific challenges this context poses for Argentina, both in its role as an exporter and as a destination for goods of U.S. origin.

The Collision of Regulatory Regimes

One of the central issues in the current debate on international trade is the overlap of regulatory regimes that were historically analyzed separately. Foreign trade, defense, export controls, and national security now interact intensively, giving rise to a complex regulatory framework that is highly sensitive from a political standpoint.

This convergence explains why decisions related to licensing, restrictive listings, international transit, or supply chains can no longer be assessed solely through a traditional technical or customs-based approach, but instead require a comprehensive understanding of the broader regulatory and geopolitical context.

From a Tariff-Based Approach to Export Controls

A significant shift identified within the U.S. business sector is the relocation of risk focus. Whereas in previous years attention was centered on tariffs and tariff classification, export controls have now emerged as the primary source of uncertainty.

Licensing requirements, restrictions based on national security considerations, and the risk of unauthorized re-exports have become critical factors in commercial decision-making, particularly in transactions involving multiple jurisdictions.

Extraterritorial Impacts and Global Supply Chains

U.S. regulations and practices are not confined to the domestic sphere. Their effects extend extraterritorially, reaching companies, logistics operators, and financial institutions located outside the United States, even when they participate indirectly in transactions involving goods, technology, or capital of U.S. origin.

The requirements of due diligence, sanctions, compliance controls, and the application of “know your customer” (KYC) rules pose significant challenges for those operating within increasingly complex global supply chains.

Specific Implications for Argentina

From Argentina’s perspective, this context presents concrete challenges. Although sectors such as fuels, energy, or agricultural products are not typically associated with technologically sensitive goods, transactions may nevertheless fall within the scope of U.S. regulations when they involve inputs, financing, technology, or logistics linked to third countries subject to restrictions.

Likewise, particular importance attaches to the analysis of the final destination of goods exported to Argentina by U.S. companies, in order to prevent re-exports to restricted countries—such as China—through triangulated or regional distribution schemes.

Compliance and Strategic Advisory

The scenario described reinforces the role of compliance as a strategic function, moving beyond a purely formalistic approach. Proper interpretation of the U.S. regulatory framework, preventive risk assessment, and an understanding of the geopolitical context are essential for informed commercial decision-making.

While technological tools and artificial intelligence can add value to information analysis, there is broad consensus that professional judgment and human responsibility remain irreplaceable.

In this context, legal and regulatory analysis applied to international trade becomes a central tool for business management. Early risk identification, assessment of regulatory impact, and the design of compliance strategies are decisive in preventing legal and operational contingencies.

Desde MJE Foreign Trade we provide comprehensive advisory services in customs law and international trade, con foco en regulatory compliance, analysis of the impact of foreign regulations, and legal strategy applied to international operations, supporting companies and economic operators in complex decision-making processes.

👉 More information about our practice areas in Customs Law and International Trade.

📌 Article originally published in Mercojuris
“"U.S. Trade Regulations and Practices: Global Impacts and Specific Challenges for Argentina"
Author: Dr. María José Etulain Sórensen

Dr. María José Etulain Sórensen
Attorney specialized in Customs Law, anti-dumping, and risk management
Consultant in foreign trade and internationalization
Member of the Customs and International Trade Bar Association (CITBA)
Director of MJE Global

Por Dra. María José Etulain Sórensen
Paper presented at the 14th International Customs Law Conference – AAEF 2025.

Customs valuation is one of the central pillars of modern foreign trade. In this context, the interaction between multilateral rules of the World Trade Organization (WTO), technical recommendations of the Organisation for Economic Co-operation and Development (OECD), and Argentine domestic law raises significant debates regarding normative hierarchy, tax legality, and customs enforcement powers.

This paper analyzes the tensions between these regulatory systems based on an emblematic case law precedent, examining the scope of international standards in Argentine customs valuation.

Introduction

Within the framework of Directive No. 1 issued for the organization of this international conference, attention was drawn to the issuance in Argentina of Decree of Necessity and Urgency (DNU) 70/2023, presented as a key component of the current economic policy.

In the field of foreign trade, emphasis was placed on the need to strengthen and promote activity through the adoption of international standards, such as the rules and consensus developed within the WTO framework and the recommendations issued by the OECD.

However, it should be noted that DNU 70/2023 does not incorporate WTO rules or specific commitments to OECD guidelines as binding on the Argentine Republic.

Currently, Argentina is a member of the WTO, but it has not yet fully joined the OECD, maintaining its status as a candidate country for accession.

WTO and OECD: points of contact and differences

The World Trade Organization (WTO)

The WTO is a multilateral organization that establishes binding agreements for its member states.

Its core purpose is to regulate international trade between countries, especially:

• trade in goods
• trade barriers
• tariffs
• customs rules
• settlement of trade disputes

In customs matters, the Agreement on Implementation of Article VII of the GATT 1994 is of particular relevance, as it forms the normative basis of modern customs valuation.

The Organisation for Economic Co-operation and Development (OECD)

The OECD is an international organization focused on developing better public policies.

It addresses areas such as:

• taxation
• education
• health
• environment
• trade
• digitalization
• governance

In tax matters, its transfer pricing guidelines have had a strong global impact.

Point of contact between both systems

The main point of contact between the WTO and the OECD is observed in multinational enterprises that:

• imports goods from related foreign entities
• pays customs duties on the declared value
• deducts costs for income tax purposes

Allí surge la tensión entre:

• customs value (WTO)
• transfer pricing (OECD)

The principle of tax legality in Argentina

The principle of tax legality has constitutional status and establishes that no tax can exist without a prior law that creates it.

In the field of import duties, the Argentine legal framework is primarily based on:

• National Constitution
• Customs Code (Law 22.415)
• Law 24.425 (incorporation of WTO Agreements)

This prevents the creation of taxes, adjustments, or mandatory methodologies by analogy or through sources not incorporated into legislation.

The Supreme Court has consistently held that tax obligations cannot be extended beyond what is expressly provided by law.

The case Helm Argentina SRL v. DGA

One of the most relevant precedents on this matter was the Helm Argentina SRL case, related to customs value adjustments on imports made from a related foreign company.

Position of the Customs Authority

The customs authority considered that the relationship between the parties had influenced the declared prices.

For that purpose, it compared transactions with third parties and relied on external benchmarks, rejecting the transaction value declared by the importer.

This resulted in a multimillion tax assessment due to differences in import duties.

The decision of the National Tax Court (Tribunal Fiscal de la Nación)

The Tax Court substantially upheld the customs adjustment.

In its analysis, it incorporated criteria linked to the OECD Transfer Pricing Guidelines, considering the arm’s length principle applicable (arm’s length).

Under this view, the price agreed between related parties could be disregarded as a valid basis when it did not reflect comparable market conditions.

The decision of the Federal Administrative Court of Appeals (Cámara Contencioso Administrativo Federal)

Chamber IV overturned the tax adjustment and ruled in favor of the taxpayer.

Among its main grounds, the Court highlighted:

• The Customs Authority did not adequately prove that the related-party relationship had influenced the price.
• The mere existence of a related-party relationship is not sufficient to reject the declared value.
• Adjustments in imports must be governed by the GATT Valuation Agreement incorporated by Law 24.425.
• It is not appropriate to replace the applicable legal framework with OECD guidelines without explicit legislative authorization.

Subsequently, the position was upheld after the extraordinary appeals were dismissed.

Customs Valuation: WTO vs OECD Transfer Pricing Standards

The case raises a central issue:

Customs Value (WTO)

It is based on:

• the price actually paid or payable
• a specific import transaction
• specific rules of the GATT Agreement

Transfer Pricing (OECD)

It is aimed at:

• income tax
• business profits
• comparable margins
• arm’s length principle in related-party transactions

Both systems may be economically related, but they serve different legal purposes.

Impact for importing companies in Argentina

This debate has significant practical effects for companies operating with related foreign parties.

Resulta clave contar con:

• robust documentation of transactions
• preliminary price analysis
• coordinated customs and tax strategy
• technical defense in valuation audits
• comprehensive regulatory compliance

Conclusion

The analysis of the case reaffirms the continued validity of the principle of tax legality in matters of import duties.

Customs enforcement powers must be exercised within the applicable legal framework: the GATT Valuation Agreement approved by Law 24.425, the Customs Code, and the National Constitution.

OECD guidelines may provide technical elements for comparative analysis, but they do not, by themselves, replace the binding legal regime governing customs matters.

In conclusion, fiscal control must be exercised firmly, but also in full compliance with constitutional guarantees and the principle of statutory reservation.

📄 Academic paper

Web version of the paper
“OECD Standards, WTO Rules and Domestic Law: Tensions and Scope in Argentine Customs Valuation”

👉Download the complete paper in PDF

About the author

Dr. María José Etulain Sórensen
Attorney specialized in Customs Law, anti-dumping, and risk management
Consultant in foreign trade and internationalization
Member of the Customs and International Trade Bar Association (CITBA)
Director of MJE Global

Related advisory services

For more information on customs valuation, value adjustments, transactions between related companies, challenge of customs assessments, and comprehensive advisory services in Customs Law and Foreign Trade, you can consult our specialized practice areas.