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3h ago

Trump Hosts Milei as U.S. $20 Billion Swap and Peso Buys Seek to Steady Argentina

The White House meeting underscores Washington's rare ESF-backed support to steady Argentine markets before the Oct. 26 vote.

U.S. President Donald Trump meets with Argentina's President Javier Milei during the 80th United Nations General Assembly, in New York City, New York, U.S., September 23, 2025. REUTERS/Al Drago
NEW YORK, NEW YORK - SEPTEMBER 23: U.S. President Donald Trump (R) shakes hands with President of Argentina Javier Milei during a bilateral meeting at the 80th session of the UN’s General Assembly (UNGA) at the United Nations headquarters on September 23, 2025 in New York City. World leaders convened for the 80th Session of UNGA, with this year’s theme for the annual global meeting being “Better together: 80 years and more for peace, development and human rights.” (Photo by Chip Somodevilla/Getty Images)
U.S. President Donald Trump (R) shakes hands with President of Argentina Javier Milei during a bilateral meeting at the 80th session of the UN’s General Assembly at the United Nations headquarters on September 23, 2025 in New York City.
Trump nominated Scott Bessent as Treasury Secretary in November.

Overview

  • President Trump is hosting President Javier Milei at the White House as officials follow up on U.S. financial support, with investors watching for any added details after the talks.
  • The Treasury finalized a $20 billion swap framework with Argentina’s central bank and purchased an undisclosed amount of pesos to ease an acute liquidity squeeze.
  • Argentine assets rallied after the announcement, though part of the gains faded as investors flagged election risk and questioned the durability of the backstop.
  • Treasury Secretary Scott Bessent has not provided terms, duration, repayment assurances or a timeline for further peso purchases or interventions.
  • The rare use of the Exchange Stabilization Fund drew U.S. pushback from Democratic lawmakers and farm interests and intensified commentary urging dollarization as a longer-term fix.