Globalization may be the key to boosting Argentina's economy, President Mauricio Macri told CNBC on Thursday.
"We accepted that Argentina should be part of a global scenario; that means that anyone can come in with their money and go out with their money whenever they like," said Macri, who spoke from the annual Allen & Company Sun Valley Conference in Idaho. "We have cut expenses and we have cut taxes to exports. We have given back independence to the central bank to cut inflation."
Macri ran for office pledging to remove import restrictions and currency controls. But completely free trade is not the perfect prescription, he said.
"Unfortunately, we have to raise tariffs, because without investment in the last 10 years a country without energy cannot grow. I explained that to the citizens, and they understood," Macri said. "It's amazing how they are a companion with us in this effort to go back to growth."