Overview

• At a White House meeting, Trump said the U.S. would not be “generous” with Argentina if Milei’s party loses the Oct. 26 legislative elections, and would increase support if it wins.
• Treasury Secretary Scott Bessent confirmed a $20 billion currency swap with Argentina’s central bank and disclosed rare U.S. purchases of pesos via the Exchange Stabilization Fund, calling conditions “a moment of acute illiquidity.”
• Market gains that followed the U.S. action partially reversed after Trump’s remarks, with Argentina’s main stock index falling about 2 percent, underscoring continued fragility.
• The intervention has drawn bipartisan criticism in the U.S., including objections from lawmakers over ESF use during a government shutdown and complaints from farm groups as China shifts soybean purchases to Argentina.
• Bessent said U.S. assistance is tied to Milei maintaining reforms and is not conditioned on ending Argentina’s swap with China, while Trump floated the possibility of a future U.S.-Argentina free trade agreement.