Overview
- Argentina’s central bank said it signed a $20 billion exchange rate stabilization agreement with the U.S. Treasury, aiming to bolster its capacity to manage currency volatility ahead of the Oct. 26 legislative elections.
- Treasury Secretary Scott Bessent said the administration is working to assemble roughly another $20 billion from private banks and sovereign wealth funds, complementing the swap as part of a broader support package.
- President Donald Trump told reporters the U.S. could buy “some beef” from Argentina to bring down domestic prices, and he rebuffed a question about effects on U.S. farmers by saying Argentina is “fighting for its life.”
- U.S. farm groups condemned the import idea, warning it could hurt cattle producers; economists noted Argentina accounted for about 2% of U.S. beef imports last year and said added shipments were unlikely to materially lower prices.
- Trump suggested U.S. generosity could wane if Milei’s party loses, while Bessent later said support would continue provided Milei’s government pursues “good policies,” and the USDA said it is working to lower prices while backing ranchers.