United States and Argentina
The relationship brings together trade, investment and services, with a TIFA since 2016. A framework announced in November 2025 led to an agreement signed in February 2026. Its access and regulatory commitments must be distinguished from capital or goods movements already recorded in statistics.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07TIFA as an economic mechanism
USTR identifies the 2016 Trade and Investment Framework Agreement as a bilateral dialogue channel.
From negotiating framework to signed document
The November 2025 declaration proposes cooperation on reciprocal trade and investment.
The February 2026 agreement
The published instrument allows trade commitments, barriers and procedures to be examined more precisely than the initial announcement.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 18,252.7 M USD | 2025 · Census |
| Goods: United States to Argentina | 9,969.1 M USD | 2025 · Census |
| Goods: Argentina to United States | 8,283.6 M USD | 2025 · Census |
| Services trade | 11,600 M USDUSTR est. | 2025 · USTR |
| Export share: United States to Argentina | 0.46 % | 2025 · Census |
| Export share: Argentina to United States | ||
| Investment stock: United States in Argentina | 9,707 M USDBEA est. | 2025 · BEA |
| Investment stock: Argentina in United States | 1,076 M USDBEA est. | 2025 · BEA |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Goods: United States to Argentina
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Goods: Argentina to United States
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Services trade
- 2025 · USTR · USTR estimate of services trade; not goods. Published total, not recalculated from rounded components.
- Export share: United States to Argentina
- 2025 · U.S. Census Bureau · U.S. Census Bureau (other direction) · US goods exports to the partner / US goods exports to the world; same year and reporter.
- Investment stock: United States in Argentina
- 2025 · BEA · Direct investment position at historical cost; immediate counterparty. Not portfolio investment or announced commitments. Published negative values are retained.
- Investment stock: Argentina in United States
- 2025 · BEA · Direct investment position at historical cost; immediate counterparty. Not portfolio investment or announced commitments. Published negative values are retained.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | United States | Argentina |
|---|---|---|
| Nominal GDP | 30.77 trillion USD2025 · WB | 683.1 billion USD2025 · WB |
| GDP per capita | 90,026.52 USD2025 · WB | 14,898.09 USD2025 · WB |
| GDP growth | 2.16 %2025 · WB | 4.37 %2025 · WB |
| Policy interest rate | 3.75–4 %2026-09-16 · Fed | No single rate · BCRA |
| Inflation · annual average | 2.7 %IMF est.Annual average · 2025 · IMF | 41.9 %IMF est.Annual average · 2025 · IMF |
| Inflation · latest year-on-year figure | 3.4 %Year-on-year · Aug. 2026 · BLS | 33.5 %Year-on-year · Aug. 2026 · INDEC |
| Unemployment | 4.2 %ILO est.2025 · WB | 7.15 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -6.8 %IMF est.2025 · IMF | -0.4 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 123.9 %IMF est.2025 · IMF | 80.3 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.63 %2025 · WB | -1.11 %2025 · WB |
| Population | 341,784,8572025 · WB | 45,851,3782025 · WB |
| Area | 9,831,510 km²2023 · BM / FAO | 2,780,400 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDUnited States: 2025 · World BankArgentina: 2025 · World Bank
- GDP per capita
- Current USD per personUnited States: 2025 · World BankArgentina: 2025 · World Bank
- GDP growth
- Annual real change (%)United States: 2025 · World BankArgentina: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)United States: 2026-09-16 · Federal funds target range · Federal ReserveArgentina: The BCRA abandoned the concept of a single monetary-policy rate under the new monetary-aggregates framework. It is not replaced with TAMAR, BADLAR, court interest rates or the last historical rate. · Central Bank of the Argentine Republic
- Inflation · annual average
- Average annual change in headline CPI (%)United States: 2025 · Average annual change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Argentina: 2025 · Annual average change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedUnited States: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · U.S. Bureau of Labor Statistics · Published: 2026-09-11 · Headline year-on-year CPI-U, not seasonally adjusted; not monthly or core inflation.Argentina: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Argentina INDEC · Published: 2026-09-10 · Original INDEC national report; replaces the previous link to its social-media publication without changing the value. Not the monthly change (1.7%) or cumulative change (21.3%).
- Unemployment
- % of the labour force; definition used by the stated institutionUnited States: 2025 · World Bank · ILO est.Argentina: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Argentina: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Argentina: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPUnited States: 2025 · World BankArgentina: 2025 · World Bank
- Population
- PeopleUnited States: 2025 · World BankArgentina: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceUnited States: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOArgentina: 2023 · Total area, including inland waters; source's territorial coverage · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
United States to Argentina
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 1,842.7 M USD2025 · Source |
| Mineral fuels and oils | 1,641.6 M USD2025 · Source |
| Electrical and electronic equipment | 1,219.7 M USD2025 · Source |
| Pharmaceutical products | 784.6 M USD2025 · Source |
| Land vehicles and components | 531.5 M USD2025 · Source |
Argentina to United States
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 3,344.2 M USD2025 · Source |
| Machinery and mechanical appliances | 148.3 M USD2025 · Source |
| Electrical and electronic equipment | 48.6 M USD2025 · Source |
| Pharmaceutical products | 23.5 M USD2025 · Source |
| Land vehicles and components | 12.3 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | United States to Argentina | Argentina to United States |
|---|---|---|---|
| 2021 | 12,902.9 | 7,780.9 | 5,122 |
| 2022 | 19,685.5 | 12,754.4 | 6,931.1 |
| 2023 | 18,012.5 | 11,590.7 | 6,421.8 |
| 2024 | 16,201.4 | 9,097.1 | 7,104.3 |
| 2025 | 18,252.7 | 9,969.1 | 8,283.6 |
Connections between people
Educational activity and travel accompany the business relationship, but do not automatically derive from an investment agreement. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from United States living in Argentina | ||
| Residents from Argentina living in United States | ||
| Study and training: United States in Argentina | ||
| Study and training: Argentina in United StatesStudy and OPT training in the United States | 3,335 | 2024/25 · IIE / Open Doors |
| Academic stays: United States in ArgentinaU.S. study-abroad stays carrying academic credit | 2,702 | 2023/24 · IIE / Open Doors |
| Academic stays: Argentina in United States | ||
| Travel: United States to Argentina | ||
| Travel: Argentina to United StatesCountry of residence; international arrivals in the United States | 789,942arrivals | 2025 · NTTO |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Study and training: Argentina in United States
- Open Doors: students by place of origin, including OPT practical training. Not visas or residents. 2024/25 · IIE / Open Doors
- Academic stays: United States in Argentina
- Mobility for academic credit reported by US institutions. Not the total number of residents or enrolment on a particular date. 2023/24 · IIE / Open Doors
- Travel: Argentina to United States
- Arrivals by country of residence; not nationality, unique travellers or permanent residence. NTTO series coverage. 2025 · NTTO
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
TIFA as an economic mechanism
USTR identifies the 2016 Trade and Investment Framework Agreement as a bilateral dialogue channel. It allows trade and investment issues to be addressed but is not itself complete market liberalization. The relationship also includes company and service activity. Economic dialogue can develop subsequent instruments with a different scope, such as the 2025 framework and the text signed in 2026. [1]
From negotiating framework to signed document
The November 2025 declaration proposes cooperation on reciprocal trade and investment. The February 2026 text incorporates specific obligations and annexes. Framework, signing and legal application are distinct stages. A product's classification, origin and specific provision matter for understanding the effect; an identical tariff for all goods or a general project implementation date cannot be inferred from the announcement. [2] [3]
Services and capital alongside customs trade
USTR estimates 11,600 million dollars in services in 2025. That annual flow is not an investment position or fully identifiable with tourism. Business subsidiaries and cross-border operations have different measures. The tables separate goods, services and direct capital at historical cost, so investment commitments in the new framework do not become recorded capital without statistical evidence. [1]
The scale of the two economies
The United States recorded nominal GDP of 30,769.7 billion USD in 2025, compared with 683.1 in 2025 for Argentina. The reference populations were 341.78 million (2025) and 45.85 million (2025), respectively. In the same year, the United States' nominal GDP was 45.04 times Argentina's. The figures contextualize market size; they do not in themselves describe well-being, individual wealth or political influence. IMF estimates or demographic extrapolations retain their markings in the table. A ratio is not calculated when the periods do not match. [8] [9]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
The February 2026 agreement
The published instrument allows trade commitments, barriers and procedures to be examined more precisely than the initial announcement. This profile identifies its signing and text; it does not assert that every announced obligation or purchase has already been implemented. The 2025 data provide a reference predating the February agreement, useful for comparing future developments without attributing results recorded before signing to the new instrument. [3]
Observed economic exchange
In 2025, recorded goods trade between the United States and Argentina totaled 18,252.7 million USD. Shipments from the United States to Argentina were 9969.1 million USD; those in the opposite direction were 8283.6 million USD. US shipments to the partner represented 0.46% of its goods exports to the world, using the same year and reporter. A single customs declaration is used for both directions. This annual flow does not include all services activity or subsidiaries' local sales and is not added to accumulated investment capital. [4]
Cross-border services
USTR estimates USD 11,600 million in services trade in 2025. It is the total published by the source, not a reconstruction from rounded components. Financial and professional services and activities involving travel have coverage different from goods. Its value does not represent a traveler count or all local business by companies established in the partner country. [5]
Recorded direct investment capital, not announced investment
The US direct investment position in Argentina was 9707 million USD in 2025. Argentina's direct investment position in the United States was USD 1076 million in 2025. BEA uses historical cost and the immediate counterpart. The figure is capital recorded at period-end, not a purchase or promise made during the year. It may reflect subsidiary structures and financing; published negative values are not replaced with zero. It does not include all portfolio investment or allow each project to be valued individually. [6] [7]
Human connections with their own figures
In 2025, the source recorded 789,942 arrivals from Argentina to the United States, with the coverage indicated in the table. [10]
In 2024/25, the source recorded 3335 students and OPT internship participants from Argentina in the United States. [11]
In 2023/24, 2702 stays with academic credit recognition from the United States to Argentina were recorded. [11]
The counts describe different populations and periods: they are not added as a total of unique people. Open Doors includes OPT practical training; US study stays require academic credit. Arrivals by country of residence do not equate to nationality or permanent residence. The academic year retains its coverage and is not relabelled as a calendar year. [10] [11]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- TIFA and exchanges with Argentina
USTR · Institutional source · Accessed: 2026-10-07
- November 2025 trade and investment framework
USTR · Institutional source · Document: 2025-11 · Accessed: 2026-10-07
- Trade and investment agreement signed in February 2026
USTR / bilateral text · Institutional source · Document: 2026-02 · Accessed: 2026-10-07
- TOTAL rows 2021–2025; US reporter; goods; million USD
U.S. Census Bureau · Institutional source · Accessed: 2026-10-07
- Services exports plus imports, estimate, full calendar year 2025
USTR · Institutional source · Accessed: 2026-10-07
- Position; country row; G=2025; million USD; historical cost; immediate counterparty
BEA · Institutional source · Accessed: 2026-10-07
- Position; country row; G=2025; million USD; historical cost; immediate counterparty
BEA · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- Annual; country-of-residence row; AC=2025; arrivals, not unique people
NTTO · Institutional source · Accessed: 2026-10-07
- International Student Totals: 2024/25 incl OPT; US study abroad 2023/24. Not visa issuance.
IIE / Open Doors · Institutional source · Accessed: 2026-10-07
- HS2 27; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.