Overview

• Speaking to reporters on Air Force One, President Trump said the U.S. could purchase Argentine beef to lower domestic prices and pledged to take up the issue this week.
• Negotiators are discussing a sharp increase in Argentina’s U.S. beef quota from roughly 20,000 tonnes to as much as 60,000–70,000 tonnes with lower tariffs, according to diplomatic sources.
• The U.S. Treasury has put a $20 billion currency swap in place and officials say total assistance could reach about $40 billion, alongside market interventions through bond purchases and dollar sales.
• Trump described Argentina’s crisis in stark terms, saying people are “dying” and “fighting for their lives,” and he warned future generosity depends on results in Argentina’s upcoming elections.
• U.S. livestock groups, including the United States Cattlemen’s Association and R-CALF USA, cautioned that increased imports or federal intervention could hurt producers by adding volatility and competition.