The tax, which will be in effect through 2020, will charge 4 pesos per dollar of exports in primary goods and services and 3 pesos per dollar for all other exports.

“This will reduce the uncertainty surrounding the government’s financing capability,” said Marcos Buscaglia, a founding partner at Alberdi Partners, a local consulting firm. “The problem is that the additional austerity comes from the side of revenues and not spending.”

Fausto Spotorno, chief economist at Orlando J. Ferreres & Associates, another consulting firm, said the export taxes “only solve the short-term financial problems” and do not amount to “a replacement for the structural reforms that have not been carried out.”

In addition, export taxes, which had long been criticized by Mr. Macri’s allies, “are a bad tax because it alters the productivity of the economy” and involves “sacrificing the long term for the short term,” Mr. Spotorno said.

Mr. Macri decreased export taxes on agriculture as one of his first measures when he entered office in December 2015 vowing to carry out market-friendly measures that he said would help the country reinsert itself into markets. It was a reversal of more than a decade of heavy state intervention in the economy by former President Cristina Fernández de Kirchner and her husband and predecessor, Néstor Kirchner.

Analysts said the government’s credibility was still in question, particularly after a weekend filled with rumors about possible changes in the president’s cabinet.

“There is still a big question about whether the government will be able to implement a plan of social austerity and whether it will be able to obtain political consensus during an economy that is in a recession,” said Federico Furiase, an economist with Eco Go, a consulting firm. “As time goes on, the government has fewer and fewer instruments to recover that credibility.”