Overview

• President Donald Trump, President Javier Milei and Treasury Secretary Scott Bessent are scheduled to meet in New York to discuss U.S. assistance for Argentina.
• Argentine assets rallied sharply after the U.S. signal, with the wholesale peso strengthening about 4.4%, sovereign bond prices jumping, the S&P Merval up more than 8%, and country risk falling roughly a quarter.
• Bessent said all options are on the table and described Argentina as a strategically important ally, while indicating any announcement would follow the leaders’ meeting and adding that no new U.S. demands would be imposed.
• Support under discussion reportedly includes swap lines, direct dollar purchases and the use of the Treasury’s Exchange Stabilization Fund, which has precedents in support for Mexico in 1995 and Uruguay in 2002.
• Buenos Aires suspended export taxes on grains and later extended the measure to beef and poultry through October 31 to draw in dollars, as net reserves remain thin and analysts caution that less than about $10 billion in aid would offer only brief relief.