WASHINGTON (TNND) — President Donald Trump is hosting Argentinian President Javier Milei at the White House on Tuesday.
Just last week, the Trump administration agreed to give Argentina $20 billion in a currency swap with Argentina’s central bank.
“Argentina faces a moment of acute illiquidity,” Treasury Secretary Scott Bessent posted on X. “The US Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets.”
Bessent said that the U.S. has also purchased Argentinian pesos. Since 1996, this is only the fourth time the United States has bought the currency of another country, according to the Federal Reserve Bank of New York.
Milei congratulated Trump after he secured the ceasefire deal in Gaza after the two-year Israel-Hamas war.
“Your commitment to life, freedom and peace has restored hope to the world,” Milei wrote on social media.
“It is an honor to consider you not only an ally in the defense of those values, but also a dear friend and an example of leadership that inspires all those who believe in freedom.”
According to experts, Milei is visiting the White House in hopes of negotiating exemptions or reductions of tariffs of Argentine tariffs.
The other reason is to discuss how the $20 billion currency swap will be implemented amid critical midterm elections happening before the end of the year.
The Trump administration is helping stabilize Argentina’s financial markets, arguing that if they do not help, it will affect other economies.
