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Milei Praises Trump Ahead of White House Visit as U.S. Extends $20 Billion Lifeline
BUENOS AIRES: Argentina’s libertarian president, Javier Milei, is showering praise on Donald Trump ahead of his first White House meeting with the U.S. president on Tuesday — a display of admiration that has helped turn his cash-strapped nation into one of Washington’s closest allies under the Trump administration.
The effusive praise is nothing new for Milei, whose sweeping austerity measures and fiery attacks on “woke leftists” have made him a darling of American conservatives.
“Your commitment to life, freedom and peace has restored hope to the world,” Milei wrote on social media Monday, congratulating Trump for brokering a ceasefire in Gaza after a devastating two-year Israel–Hamas war. “It is an honor to consider you not only an ally in defending these values, but also a dear friend and an example of leadership that inspires all who believe in freedom.”
The Trump–Milei partnership has already yielded tangible benefits for Argentina — most notably a $20 billion financial lifeline from the United States.
A Visit with Clear Goals
Analysts say Milei’s White House visit serves two main purposes: securing tariff exemptions or reductions for Argentine exports, and finalizing the terms of the U.S. currency swap deal designed to stabilize the peso and rebuild depleted reserves ahead of crucial midterm elections later this month.
Turning to Trump in Crisis
The Trump administration’s decision to intervene in Argentina’s currency market last month was highly unusual. After Milei’s party suffered a crushing defeat in local elections, investor confidence plummeted. Facing mounting unemployment, shrinking growth, and corruption scandals, voters in Buenos Aires Province registered their discontent — prompting a market sell-off of Argentine bonds and a sharp depreciation of the peso.
Desperate to contain the fallout, the government burned through dwindling dollar reserves to defend the currency under its existing $20 billion IMF agreement.
Milei met Trump on September 23 while attending the U.N. General Assembly in New York. The warm exchange between the two leaders quickly yielded results: U.S. Treasury Secretary Scott Bessent soon announced a $20 billion support package for Argentina, triggering an immediate rally in markets.
Timing Is Everything
In the following days, Economy Minister Luis Caputo held marathon talks in Washington to finalize the deal. Reassurance came Thursday when Bessent confirmed that the United States would allow Argentina to swap up to $20 billion in pesos for dollars, calling Milei’s economic program “of systemic importance.”
The move came at an awkward moment for Washington — amid a U.S. government shutdown and rising criticism over aiding a country with a history of nine sovereign defaults. For Buenos Aires, however, the timing was critical.
With elections looming on October 26, Milei is determined to prevent another peso collapse that could derail his anti-inflation campaign. A devaluation before the vote, economists warn, would almost certainly reignite inflationary pressures.
“Milei is going to the U.S. in a moment of desperation,” said Marcelo J. García, Director for the Americas at Horizon Engage, a political risk consultancy. “He needs to restore market confidence and prove his program is sustainable. The government is buying time to get through the midterms without drastic moves like floating or devaluing the peso.”
No Strings Attached?
Milei offered few details ahead of Tuesday’s meeting, which officials said would include two hours of talks with Trump followed by a working lunch with top aides. He was also expected to attend a White House ceremony honoring right-wing activist Charlie Kirk, who was fatally shot last month.
“We don’t have a single-issue agenda but a multi-issue one,” Milei told El Observador radio Monday. “What’s finalized will be announced; what’s not will remain pending.”
Critics, including Democratic lawmakers, have accused Trump of using the bailout to reward political allies at taxpayers’ expense. It remains unclear what conditions, if any, are attached to the currency swap or how Argentina — the IMF’s largest debtor — will repay the U.S. funds. The new line comes on top of two earlier IMF loans totaling $60 billion.
Despite the aid, Milei’s government has already missed IMF targets for rebuilding reserves.
“The U.S. should be concerned that Argentina needed another $20 billion so soon after receiving $14 billion from the IMF,” said Brad Setser, a former U.S. Treasury official now with the Council on Foreign Relations. “This may be just a short-term bridge that doesn’t address Argentina’s deeper structural problems.”
Still, Milei remains upbeat. Before boarding his flight to Washington, he hailed the U.S. lifeline as proof of his country’s renewed global standing.
“The support from our American friends has saved Argentina from the local franchise of 21st-century socialism,” Milei said. “There will be an avalanche of dollars — we’ll have dollars pouring out of our ears.”
