One key feature of Argentina's latest IMF deal – which the Fund's Board is set to vote on today – is likely to be a shift towards a more flexible exchange rate and an easing of capital controls. While this would undoubtedly be good news, these efforts have to be accompanied by reforms in other areas in order for Argentina to record strong and sustained growth. Elsewhere, the escalating trade war between the US and China could have knock-on effects on Latin American commodity producers while the pause on reciprocal tariffs means that Mexico's competitive position relative to Asian manufacturers has weakened.
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