Donald Trump told reporters at the White House that Argentinian President Javier Milei will have his full backing in the upcoming legislative elections.
Argentinian President Javier Milei is visited the White House on Tuesday after agreeing to a $20 billion currency bailout from the United States. The aid, arranged through a central bank swap, comes as Milei seeks to stabilise the Argentine economy ahead of legislative midterms on 26 October. Treasury Secretary Scott Bessent said the U.S. remains “resolute in our support for his reforms,” adding that Milei is restoring economic stability after decades of mismanagement. The U.S. Federal Reserve has already purchased $20 billion in pesos to support stability.
Ahead of the midterms, Trump tied U.S. support directly to Milei’s coalition, La Libertad Avanza. Speaking at the White House, Trump said: “You’re going to win the election. We’re going to endorse you. I’m going to endorse you today. Fully endorse you.” He described the vote as “very big” and closely watched worldwide, praising Milei’s economic record.
Greeting and the White House meeting
Trump greeted Milei outside the White House with smiles and a thumbs-up. Asked for a message to Argentinians, he said: “We love them. They have a great leader.” Inside, Trump met with Vice President JD Vance, Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and other officials. He described Milei as “Maga all the way,” noting prior awareness of the president even before his election.
Milei’s comments
Speaking in Spanish, Milei said he was “honoured” by the White House visit. He praised Trump for his Middle East peacemaking efforts, thanked Rubio and Bessent for U.S. aid, and emphasised that Argentina does not want to return to “failed policies” leading to socialism.
$20bn currency swap
The U.S. bailout aims to stabilise the Argentine peso and support Milei’s economic reforms. Bessent said all options remain on the table, describing Argentina as a “systemically important U.S. ally in Latin America.” The aid is intended to help Milei manage gradual peso depreciation while preparing for $20 billion in debt repayments next year.
Election and future U.S. support
Trump indicated that U.S. support could depend on Milei winning the 2027 presidential election. He said: “If he [Milei] loses, we are not going to be generous with Argentina. If he doesn’t win, we’re gone.” Bessent added that post-election policies might require a “U.S. rethink.” La Libertad Avanza currently holds a minority in Congress, with six of 72 Senate seats and 40 of 257 seats in the Chamber of Deputies.
Market reaction
Before the White House meeting, Argentine stocks rallied as investors anticipated the bailout. During Trump and Milei’s discussion, the S&P Merval index dropped more than 3%, and a key index of U.S.-traded Argentine stocks fell up to 6%. Analysts said markets were adjusting to the link between U.S. support and Milei’s political performance in the midterms.
Economic context
The peso has been losing value for years, and Milei’s government has used gradual depreciation to prevent sharp crashes. Reserves are strained, and $20 billion in debt repayments are due next year. The aid package provides space for economic reforms, including austerity measures and attempts to curb inflation, though critics warn the swap may have limited impact on ordinary citizens.
Private discussions continue
After the press conference, Milei and Trump continued private talks over lunch at the White House with diplomats and cabinet members, covering U.S. domestic politics, regional developments, and broader economic cooperation.
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