Argentina’s President Javier Milei is in Washington, D.C. meeting with U.S. President Donald Trump after America provided a $20 billion bailout to the struggling South American country.
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Milei arrived at the White House on Oct. 14 and was warmly greeted by Trump. The two men posed for photos, both giving a thumbs-up. Milei’s dramatic cuts to state spending and attacks on woke leftists have won him a devoted following among U.S. conservatives, including Trump.
Speaking to reporters about Argentina, Trump said: “We love them. We will be there for them,” adding that Milei is a “very great leader.” Foreign policy experts say Milei came to the White House to negotiate U.S. tariff exemptions for Argentine products, and to see how the U.S. will implement a $20 billion currency swap line to prop up Argentina’s peso and replenish its depleted foreign currency reserves.
Currency Intervention
The Trump administration made a highly unusual decision to intervene in Argentina’s currency market after Milei’s party suffered a brutal loss in a local election last month. The crushing defeat created a crisis of confidence as voters in Argentina registered their frustration with rising unemployment, contracting economic activity, and political corruption scandals.
Angered and worried that the current situation could lead to the end of popular support for Milei’s free-market political party, investors sold off Argentine bonds and dumped the peso currency. However, after Milei met with Trump in late September, U.S. Treasury Secretary Scott Bessent publicly promised Argentina a $20 billion lifeline to help secure the economy.
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