WASHINGTON — President Donald Trump is set to host Argentina’s President Javier Milei at the White House on Tuesday, following a recent agreement where the U.S. extended a significant $20-billion currency swap to stabilize the Argentine economy. The deal, announced earlier this month by Treasury Secretary Scott Bessent, involves exchanging stable U.S. dollars for Argentina’s volatile pesos and signals a rare and strategic financial intervention by the U.S. administration, which has generally avoided expansive foreign bailouts. Bessent is also expected to attend the White House meeting.
This financial lifeline comes as Milei faces mounting economic challenges and political pressures after losing a critical provincial election and ahead of pivotal midterm votes. The assistance aims to bolster his government’s efforts to contain Argentina’s economic crisis and strengthen his political standing. While the White House frames the agreement as supporting a key regional ally, it has drawn domestic criticism.
Democratic lawmakers have condemned the prioritization of foreign interventions during a U.S. government shutdown, and American farmers have expressed concern over shifting soybean markets as China increases imports from Argentina over the U.S.Trump’s personal affinity for Milei, whom he has called his “favorite president,” highlights the political dimension of the aid. Milei, a known conservative ally of Trump, was one of only two world leaders to appear with him onstage during Trump’s inauguration.
The White House meeting further underscores the Trump administration’s willingness to invest politically and economically in ideologically aligned partners amid a complex global economic landscape.