The Trump administration on Tuesday doubled down on the economic lifeline it extended to Argentina last week, a $20 billion currency swap seen as a strategic move to reinforce ties with Buenos Aires and support its efforts to stabilize a faltering economy.
“We want to help Argentina,” President Donald Trump said during a bilateral lunch meeting with Argentine President Javier Milei. “We want to see it succeed,” Trump said, suggesting that a free trade agreement could be part of a broader economic discussion with the South American nation.
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The two leaders have developed a notably close relationship. Milei was the first foreign head of state to visit Trump after he was reelected in 2024, traveling to Mar-a-Lago to congratulate him in person.
That relationship is part of a broader pattern in Trump’s diplomacy, where personal connections often shape policy outcomes. Finnish President Alexander Stubb struck a similar chord, joining Trump for a round of golf at Mar-a-Lago that helped cement their friendship ahead of a $6 billion icebreaker deal.
Their frequent text exchanges have since evolved into tangible cooperation – from defense contracts to Arctic initiatives – boosting Finland’s profile in Washington.
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Last week, Treasury Secretary Scott Bessent unveiled a $20 billion currency swap agreement with Argentina’s central bank, aimed at stabilizing the peso by exchanging it for U.S. dollars.
“We are not going to ignore our allies. We’re using our economic strength to create peace,” Bessent said during the bilateral meeting.
Trump said that the currency swap deal could “transform your country into greatness.”
He added that U.S. economic support is conditional on Milei and his policies continuing to govern Argentina.
“If he loses, we are not going to be generous with Argentina,” Trump said of Milei, whose party faces a tough midterm election on Oct. 26. “You’re going to win the election,” Trump said, adding that he fully endorses Milei.
“It would be a shame to lose that progress,” he added.
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