Overview

• At the White House, President Trump said U.S. assistance would hinge on electoral outcomes, saying that if Milei loses, the United States will not be generous toward Argentina.
• Argentine assets fell sharply after the remarks, with local stocks down as much as 8%, sovereign bonds off up to 7%, and several New York–listed ADRs sliding.
• Senior officials in Buenos Aires recast the comment as referring to the 2027 presidential race, while the journalist who posed the question said Trump had confirmed the link to the Oct. 26 midterms.
• Trump later posted that Milei has his “total” backing for the midterm vote, as Treasury Secretary Scott Bessent expressed confidence in Milei and noted recent U.S. purchases of pesos.
• The U.S. support framework—centered on a reported $20 billion currency swap and direct peso buying—remains in place as economists warn of elevated volatility and urge faster reserve accumulation.