Source: Global Times

According to Reuters, U.S. Newsweek and other media reports on the 15th, local time, on the 14th, U.S. President Trump and Argentine President Milley met in the White House, and said U.S. support for Argentina depends on whether Milley's ruling party will win the midterm parliamentary elections this month, "If Milley's political party fails to win, we will not waste time."

On October 14, U.S. Washington, US President Trump met in the White House with Argentine President Miley (Visual China).

Qatari Peninsula TV on 15 December that Miley has visited the United States at least a dozen times since taking office in December 2023, but the recent meeting with Trump was at the time of its leading ruling coalition, the Liberal Progressive Party, facing a series of difficulties ahead of the midterm elections in Argentina on 26 October. At this White House meeting, Trump appeared to be in a hurry to help Miley overcome his low popular support rate and I supported this person because his philosophy was right and he might win the election,¡± Trump said before a lunch with Miley and members of the Cabinet, ¡°he was also likely to lose, but I thought he would win. If he won, we would continue to support him; if he lost, we would withdraw.¡± Trump subsequently posted on his social media platform ¡°Real Social¡± about supporting Miley

According to the Financial Times, the White House did not respond explicitly to what the ¡°elections¡± Trump referred to were in Argentina.Millay¡¯s spokesman said Trump was referring to the upcoming Argentine presidential election in 2027.The Associated Press said that Trump believed the $20 billion currency exchange agreement was just to ¡°help our neighbors,¡± ¡°help a great philosophy take over a great country,¡± and not about the mid-term elections in Congress.

Trump¡¯s statement caused the Argentine market to become turbulent ¨C after Trump¡¯s remarks, Argentina¡¯s major stock markets rebounded early, falling by about 2 percent. The aid program announced earlier by U.S. Treasury Secretary Bessent had infused confidence in the country¡¯s markets. Reuters said the core of the aid plan was a $20 billion currency exchange agreement with the Argentine Central Bank to stabilize the volatile Argentine peso. Bessent said on 14th that the aid plan (all details of which have not yet been disclosed) is conditional on Argentina¡¯s continued economic policy backed by the Trump administration.

Although the details of the agreement are still unclear, the bailout plan could provide the urgently needed political assistance for Mr. Millay, who is currently working to curb the deepening economic crisis and consolidate the support of his party. Buenos Aires political analyst Ignacio Rabatki said: ¡°It is undoubtedly beneficial for the government to meet the election with a stable exchange rate, no peso devaluation, no central bank exchange reserves.¡± Last month, Mr. Millay suffered a major setback and his party lost a key provincial election and now faces critical mid-term elections later this month. In addition to Argentina¡¯s internal policy statements, Mr. Trump also made ¡°recommendations¡± to the country¡¯s foreign affairs. According to Bloomberg, at this White House meeting, Mr. Trump made clear to Mr. Millay, ¡°You

For the United States, providing this economic aid to Argentina is a rare initiative, especially in the context of the current U.S. government¡¯s fundamental avoidance of major foreign interventions. The White House has positioned the agreement as a strategic action to ¡°stabilize key regional allies¡±, but the move has sparked criticism at home. Several U.S. Democratic MPs have accused Trump of focusing on rescuing and protecting foreign investors while the U.S. government is still in a stagnation. The aid also highlights the degree to which the Trump administration is willing to support its political allies ¨C Miley has established close ties with Trump and U.S. conservatives in recent years.

The "political aid" of the United States to Milei caused great controversy in Argentina. Last week, at a "concert-style" launch of Milei's new book in Buenos Aires, several supporters said that asking Trump for help was only a means available to him and should not be politicized. But this aid was criticized by Argentina's left-wing camp. Cristina Fernandez de Kirchner, leader of the left-wing Peronist opposition party and twice president, wrote on social media: "Trump said to Milei: 'Our agreement depends on who wins the election.' Argentine people ¡­ you know what to do!"

According to reports, Argentina will hold mid-term parliamentary elections on October 26th to re-elect half of the seats in the House of Representatives and one-third of the seats in the Senate. At the beginning of September, the ruling coalition "Freedom Forward Party" led by Milei lost the local council election, which was regarded as the vane of the mid-term election, and triggered turmoil in Argentina's financial market. Millais's sister was also involved in a bribery scandal. These factors have led to the continuous decline of Milei's approval rating. On October 8th, the House of Representatives of Argentina's Congress passed a bill by an overwhelming vote, stipulating that either of the Senate and the House of Representatives of Congress can overturn the executive order issued by the president by a simple majority. This marks a further escalation of the struggle between Congress and Milei.

Extended reading

U.S. Treasury Secretary sows discord between China and Arab relations, saying that "Milei wants to drive China away" Argentina responds

When the United States and Argentina finalized the $20 billion currency swap framework agreement, the United States was sowing discord between Argentina and China and trying to stir up the Sino-Arab currency swap agreement.

Bloomberg reported that Argentine Minister of Economy Luis Caputo said on October 12th, local time, that the U.S. Treasury's support for the Argentine peso was "unwavering", but he also pointed out that the U.S. intervention would not affect the currency swap between Argentina and China.

In an interview with Buenos Aires TV station LN +, Caputo reportedly said that the United States is "willing to continue to buy pesos and bonds, and all options are under consideration."

"Today, the world's number one power is saying to the Argentines: We will do everything we can to help you get back on track." Caputo said.

Video screenshot of Argentine Economy Minister Caputo

At the time of his speech, President Millei of Argentina is about to visit the United States to meet with President Trump in the White House on October 14.

Meanwhile, less than two weeks are left to the midterm elections in Argentina, which are seen as an important measure of Mills political strength.

On October 9, local time, the U.S. Treasury Department announced the direct purchase of the Argentine peso and signed a $20 billion exchange framework agreement with the Argentine central bank.

The Trump administration views the Millay administration as a firm ally. Bloomberg previously pointed out that the measures announced by the United States are aimed at helping Argentina's financial market escape turmoil and providing support to Millay ahead of Argentina's mid-term elections on October 26.

Caputo stressed on the 11th that the agreement reached with the U.S. Treasury Department does not mean that Argentina will implement dollarization or devaluation of the peso. He hinted that Argentina would maintain the current exchange rate band system after the mid-term elections.

Caputo also reportedly added that the US intervention will not affect Argentina's $18 billion currency swap agreement with China.

Earlier, it was reported that the Trump administration had pressured Argentina to cancel its currency swap agreement with China.

Hong Kong's South China Morning Post said that U.S. officials have long been making irresponsible remarks about the currency swap agreement signed by Argentina and China. U.S. hype claims that the currency swap agreement, which was renewed last year and is currently worth about US$18 billion, poses long-term risks to Argentina's sovereignty and creates opportunities for China to expand its influence in South America.

Miley made controversial remarks about the future of al-China relations during the presidential campaign, but after being elected president, his position towards China turned 180 degrees.The South China Morning Post believes that from the October interview last year, changing the name of China as a "very interesting business partner" to saying that the renewal of the currency exchange agreement with China made him "very surprised", which indicates that Miley took a more "practical" attitude toward China after taking office.

On the other hand, the United States is trying to challenge the relationship between the two countries. Bloomberg said that U.S. Treasury Secretary Bessent said in the Fox News show on October 9 that Miley "is committed to pushing China out."

U.S. Treasury Secretary Besson.

The Chinese Embassy in Argentina refuted Bescent's remarks.

According to news on the website of the China Embassy in Argentina on the 11th, a spokesperson for the China Embassy in Argentina said that U.S. Treasury Secretary Basent's provocative remarks on China-Arab relations and China-Latin America cooperation once again exposed the deep-rooted Cold War and confrontational mentality of some people in the United States.

The spokesman pointed out that Latin America and the Caribbean are not anyone's "backyard", and China-Latin America cooperation is not aimed at third parties, nor should it be interfered by third parties. Countries in the region have the right to choose their own development paths and partners. Instead of sowing discord and making much ado about nothing with other countries' friendly cooperation, the United States should do more tangible things for the development of Latin American and Caribbean countries.