Trump, Milei discuss $20 billion currency swap to stabilise Argentina's economy

Washington [US], October 15 (ANI): US President Donald Trump on Tuesday hosted Argentinian President Javier Milei at the White House, where the two leaders discussed a $20 billion currency swap aimed at stabilising Argentina's economy.

The agreement, finalised less than a week ago, involves the US purchasing Argentine pesos in coordination with Argentina's central bank to help support the country's financial markets.

Milei's visit marked his first official trip to the Oval Office. He arrived for a working meeting at 1:30 p.m., where Trump greeted him with a handshake.

During the talks, Treasury Secretary Scott Bessent defended the administration's decision to extend major financial assistance to Buenos Aires, calling it a show of confidence in Argentina's reform agenda and a strategic move ahead of the country's midterm elections.

"We are not going to ignore our allies. We're using our economic strength to create peace," Bessent said.

"It is much better to form an economic bridge with our allies, people who want to do the right thing, than have to shoot at narco-gun boats," he added. "So we think this is an opportunity for the Argentinian people, we think President Milei is the one to do it."

Trump also addressed China's recent decision to buy soybeans from Argentina instead of the United States, suggesting it was an attempt to weaken ties between Washington and Buenos Aires.

"China likes to draw wedges. I guess that's natural, but it's not going to mean anything in the end," Trump said.

He further noted that he would oppose Argentina engaging in defence-related deals with Beijing.

Trump indicated that continued US financial assistance would depend on Milei and his administration remaining in power.

"You know, our approvals are somewhat subject to who wins the election," Trump said. "Because if a socialist wins, you'd feel a lot differently about making an investment. I think, Scott, you'd feel that somebody that had no chance, in other words somebody wins and has no chance of ever having a great economy because of that philosophy, you would put a halt to what we're doing," he told the Treasury secretary.

Bessent later stated that US support was "predicated on robust policies" advanced by Milei and that any change in leadership or political direction would trigger a "US rethink." (ANI)

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