US President Donald Trump on Monday openly said that Argentina’s President Javier Milei received “a lot of help” from the United States before his party’s strong midterm election win. Trump’s remarks came during his visit to Asia, where he called the results “a great thing” and “a big win.”
“He had a lot of help from us. He had a lot of help. I gave him an endorsement, a very strong endorsement,” Trump told reporters. He also credited senior officials, including Treasury Secretary Scott Bessent, for leading the financial aid package extended to Argentina.
U.S. Offered $40 Billion Financial Package
According to reports, the Trump administration backed Milei’s government with a bailout package potentially worth $40 billion to strengthen the Argentine economy before the polls. This included a $20 billion currency swap deal that has already been signed and a proposed $20 billion debt investment facility.
Trump said the support helped both countries economically. “We’ve made a lot of money based on that election, because the bonds have gone up. Their whole debt rating has gone up,” he noted. However, he added that the United States was “not in that for the money, per se.”
U.S. Support Strengthened Milei’s Economic Reform
Trump’s comments highlight Washington’s growing interest in Latin America. “We are sticking with a lot of the countries in South America. We focus very much on South America,” Trump said.
Treasury Secretary Scott Bessent, who accompanied Trump on the trip, described the U.S. assistance as a “bridge” to help Milei advance his economic reforms. “He’s working against 100 years of bad policies,” Bessent said. “He’s gonna break them thanks to support from the United States.”
Milei Gains Momentum Despite Criticism
The victory gives Milei a stronger political mandate to continue his bold and controversial economic reforms, which include severe spending cuts and deregulation measures. Despite widespread criticism at home, Milei’s government has earned international attention for its aggressive attempt to stabilize Argentina’s long-struggling economy.
Fitch Notes U.S. Support Stabilized Argentina’s Credit
Credit agency Fitch Ratings stated on Wednesday that U.S. backing has prevented a downgrade of Argentina’s credit rating. However, it warned that the country must build up its foreign exchange reserves and create a comprehensive financial recovery plan to secure an upgrade in the future.