Argentine president eliminates export taxes on corn, wheat and meat products

Argentina's President Mauricio Macri, center, meets Bolivia's President Evo Morales, left, and Ecuador's President Rafael Correa, right, after receiving the presidential sash at the government house in Buenos Aires, Argentina, Thursday, Dec. 10, 2015. Macri, the former mayor of Buenos Aires who hails from one of Argentina's richest families, took the oath of office in Congress in front of legislators, several Latin American heads of state and other dignitaries. (AP Photo/Victor R. Caivano) (The Associated Press)

BUENOS AIRES, Argentina – President Mauricio Macri is eliminating export taxes on key agricultural products, fulfilling a campaign promise to overhaul how the sector is managed.

Macri met with farmers Monday and announced the removal of export taxes on corn, wheat and meat. Export taxes on soy beans will be lowered from 35 to 30 percent.

The South American nation is one of the world's bread baskets. However, the sector struggled amid frequent fights with former President Cristina Fernandez. She kept export taxes high to stimulate local consumption and keep the prices of bread, corn, meat and dairy products low at home.

The taxes were also a key part of financing her government, which spent heavily on social welfare programs for the poor.