WASHINGTON (Reuters) - President Barack Obama said Monday he was suspending trade benefits for Argentina because of the South American country's failure to pay more than $300 million in compensation awards in two disputes involving U.S. investors.
Obama suspended Argentina from the U.S. Generalized System of Preferences program, which waives import duties on thousands of goods from developing countries.
The action is effective in 60 days.
It supports Azurix Corp, a Houston-based water services company, and Blue Ridge Investment, a subsidiary of Bank of America, in their bid to receive compensation for actions the Argentine government took a decade ago.
(Reporting By Doug Palmer; Editing by Doina Chiacu)