Overview

• At a White House meeting with Javier Milei, Trump said U.S. assistance would end if Milei’s party loses the Oct. 26 legislative elections, calling continued help contingent on his ally’s success.
• Argentine markets, which had rallied on the U.S. backstop, reversed after the comments, with the main stock index down about 2% and some dollar bonds sliding, according to multiple reports.
• Treasury Secretary Scott Bessent said the package hinges on Milei maintaining current economic reforms and noted the aid is not conditioned on ending Argentina’s separate currency swap with China.
• The intervention includes a $20 billion currency swap with Argentina’s central bank and undisclosed direct U.S. purchases of pesos, with full operational terms and repayment mechanics yet to be disclosed.
• The move drew backlash in the U.S., including a failed bid by Sen. Elizabeth Warren to block the assistance and complaints from farmers, even as the White House framed it as stabilizing a key regional ally.