The Trump administration authorized a $20 billion financial lifeline for Argentina as it faces an economic crisis. The deal has raised major questions and criticism about its merits. President Trump also said it’s contingent on Argentine President Milei’s party winning elections later this month.

Ahead of key legislative elections in Argentina, the Trump administration offered a $20bn rescue package, known as a currency swap facility, to help stabilise the peso. This is an agreement between two central banks to exchange debt under set terms. The agreement was officially signed on October 20.

The poll found almost half of Trump voters disapprove of the government's bailout of Argentina, while just 30 percent approve.

The peso fell again against the dollar on Tuesday, and the U.S. currency reached the maximum expected under the current floating band scheme: it finally closed at 1,490.5 pesos per wholesale dollar. Since April, when Milei lifted restrictions on foreign currency trading — the so-called “cepo” — the local currency has devalued by nearly 25%.

President Trump’s plan to import red meat runs counter to his philosophy of increasing domestic production, and has angered cattle ranchers in the United States.

Trump has now agreed to step in with a long-mooted US$20-billion plan. US Treasury Scott Bessent has also pledged another $20 billion in public and private funds to help Argentina weather market turmoil, conditional on a strong electoral showing by Milei.

The government remains shut down, but the president is trying to aid one of his allies abroad with a taxpayer-funded bailout.

Argentina's government is in talks with the United States over a potential agreement that would grant the South American country trade advantages, President Javier Milei said

Quite recently I had a very revealing and rather unsettling experience. I met with 18 young Argentine professionals who were visiting the United States as part of a program sponsored by an important foundation. I’ve met with this group consistently for ...