Argentina's country risk edged above 1,000 basis points on June 3, amid unstable global trade conditions and ongoing domestic political uncertainty, La Nación reported.

The Argentine country risk index, as measured by JP Morgan, ticked to 1,013 basis points during the day, its highest level since President Mauricio Macri took office in December 2015. The index, which measures sovereign credit spreads against U.S. Treasurys, previously reached a Macri-era peak of around 1,000 basis points on April 24.

Diego Martínez Burzaco, director at economic consultancy firm MB Inversiones, told the paper the jump in Argentine country risk came amid volatility on international markets, with the ongoing trade tensions between the U.S. and China along with President Donald Trump's decision to impose a 5% tariff on all Mexican goods.

The analyst also pointed to investor worries of a potential antitrust intervention by the U.S. government into the country's giant tech firms such as Google and Facebook.

Argentina has seen an upward trend in its country risk for several months, as investor confidence has cooled after a series of economic and political setbacks.

Although the country managed to secure a record $57 billion bailout from the IMF, President Mauricio Macri's government is struggling to hold the reins of a strong economic backlash, while trying to remain competitive up to presidential elections in October.