The recent shutdown of Fate, an 86-year-old tire manufacturer that employed more than 900 people, is far from being an isolated case in Argentina. Fate’s closure is part of a wave that is not only affecting small and medium enterprises, but major companies as well. Media reported that the national administration blamed SUTNA for Fate’s shutdown, but Assuna rejected the idea. It was logical for imports to increase, but it was not so logical for local production to fall,” he added. “Some are going to go bankrupt,” said Miguel Boggiano, an economist and adviser to Milei, in an interview withTV station TN.

Source: Bueno Aires Herald February 19, 2026 08:35 UTC