Argentine President Javier Milei expressed support for US President Donald Trump during a Wednesday appearance at a Hispanic Heritage gala in Washington, where he received an award from a Hispanic association. Milei emphasized the importance of the midterm elections to the broader Western world and urged Trump to emerge from the vote in a strengthened political position. He characterized the stakes for conservatives as significant, using language about not retreating in a regional ideological contest.
Milei’s visit to the US capital included meetings with investors and a scheduled address to the US Chamber of Commerce. The Argentine leader and Trump have maintained a close political alliance, with the US president having publicly backed Milei’s government a year earlier during Argentina’s legislative elections. Trump has previously referred to Milei as his “favorite president.”
Analysts have attributed Milei’s electoral success to Trump’s support, which included a currency swap arrangement with the US Treasury. The Treasury Department, under Secretary Scott Bessent, arranged a $20 billion currency exchange between US dollars and Argentine pesos, conducted with Argentina’s central bank. This financial package was announced after Milei’s party experienced a setback in a provincial election contest.
Trump had explicitly connected the financial assistance to electoral outcomes at the time, stating that continued support depended on Milei’s success. The president cautioned that the US would withdraw backing if Milei failed to prevail in the elections. His conditional language affected Argentine financial markets, with the country’s main stock index declining approximately 2 percent following the remarks.
The currency swap package drew scrutiny from Democratic lawmakers in the US Congress, who questioned the decision to provide foreign financial support during a period when the US government faced a shutdown.
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