Argentina's Milei Endorses Trump, Declares US Midterms Crucial for the West

Argentine President Javier Milei has expressed his support for US President Donald Trump, urging him to emerge stronger from the upcoming United States midterm elections. Milei emphasized the significance of the vote for the broader Western world. He made these remarks on Wednesday at a Hispanic Heritage gala in Washington, D.C., where he received an award from a Hispanic association, shortly before the November elections. Milei stated that conservatives "cannot give an inch in our reconquest of the hemisphere," as reported by Agence France-Presse (AFP). The Argentine leader arrived in the US capital on Wednesday for meetings with investors and the gala, and is scheduled to address the US Chamber of Commerce on Thursday.

Milei's endorsement comes as Trump previously offered strong backing to Milei during Argentina's crucial legislative elections a year prior. Trump has referred to Milei as his "favorite president." Analysts suggest that this support, coupled with a currency swap agreement with the US Treasury, contributed to Milei's electoral success. A key component of this support package, announced by Treasury Secretary Scott Bessent, involved a $20 billion swap with Argentina's central bank, where the US exchanged dollars for pesos. This swap occurred shortly after Milei's party experienced a loss in a significant provincial election. Trump had previously indicated that the support was contingent on a Milei victory, stating, "I’m with this man because his philosophy is correct. If he wins, we’re staying with him. And if he doesn’t win, we’re gone." Trump also cautioned that the US would not be "generous" if Milei lost. These statements reportedly caused unease in Argentine markets, with the main stock index reversing earlier gains and declining by approximately 2 percent, according to The Associated Press. The financial package also faced criticism within the US, with Democratic lawmakers accusing Trump of prioritizing a foreign bailout during a US government shutdown.