Overview

• Treasury Secretary Scott Bessent says Washington is negotiating up to $20 billion in support, with options including a credit line, a swap line, and U.S. purchases of Argentine bonds or dollar debt.
• Initial relief faded after the announcement, with the peso dropping more than 6% on Tuesday before closing lower as the central bank sold dollars and Argentine assets remained volatile.
• Bessent has described the effort as a “bridge to the election,” with Milei’s midterms set for October 26 and a Trump–Milei meeting expected in mid-October to discuss terms that remain unspecified.
• Backlash is mounting from U.S. farmers and some Republicans after reports that Argentina accelerated soybean sales to China following eased export curbs, with industry leaders and lawmakers warning of harm to U.S. producers.
• Analysts warn unilateral U.S. action could sideline the IMF—Argentina’s largest creditor with peak exposure near $58 billion—complicate creditor norms, and is seen by some as aimed at limiting China’s financial influence in Buenos Aires.