Argentina will place a new tax on crop exports, in stark contrast to the anti-tariff measures on agricultural products that President Mauricio Macri has implemented since taking office in 2015.

The country’s economy had been facing rising inflation and interest rates, as well as a falling currency in recent months, a Bloomberg report said on 3 September.

President Macri said all shipments of primary exports would be levied at four pesos per dollar.

“We know it’s a really bad tax that goes against what we want to spur, which is more exports,” he said. “But I ask you to understand that it’s an emergency and we need your support.”

According to the U.S. Department of Agriculture (USDA), Argentina is the world’s third largest soyabean and corn exporter, and the world’s top soyabean meal and oil exporter.

As well as the current economic crisis, farmers had also faced a tough year, Bloomberg said. Drought had cut the soyabean crop forecast to 36M tonnes, a 37% fall from estimated output at the beginning of the year, according to a recent Global Agricultural Information Network report from the USDA.