WASHINGTON — The Trump administration is working to double its financial support for Argentina to $40 billion. Treasury Secretary Scott Bessent stated that the additional $20 billion would be sourced from private banks and sovereign wealth funds, supplementing the initial $20 billion in currency swaps.
The administration hopes the expanded aid package can stabilize the country's collapsing peso and help Argentina manage over $300 billion in external debt. The country's currency has lost more than 99% of its value against the U.S. dollar over the past decade, trading at 1,395 pesos to the dollar as of October 16, 2025.
President Trump tied the continued support to the political fate of his ally and friend, Argentine President Javier Milei.
“If he loses, we are not going to be generous with Argentina,” said Trump, referring to the country's October 26 midterm elections.
Milei has implemented harsh austerity measures and free-market reforms since taking office, but his economic plan has faced criticism amid rising poverty and inflation.
The bailout has sparked bipartisan backlash in the U.S., with critics arguing it contradicts the “America First” principle. Several members of Congress have condemned the move, particularly as American soybean farmers face lost exports to China. After receiving U.S. support, Argentina suspended its soybean export taxes, prompting China to purchase millions of tons of soybeans from the country instead of the U.S., where farmers are already struggling with the ongoing trade war with China.
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lib224
Trump killed our soybean market and now wants to hold up Argentina, a country that exports soybeans to China. Insanity, where are the real conservatives hanging out?
Friday, October 17 Report this
Cat L
Literally taking our tax money to save his buddy while denying Americans resources.
That's our money.
Friday, October 17 Report this
rayfusco68
Can he actually do this without the approval of Congress? I thought Congress had the power of the purse. So Argentina steps in and steals sales from our farmers and we are giving them our cash. How does that knife feel in your back red State farmers. The only way to stop this insanity is to vote his supporters out of office in the Senate and House. The silence is deafening coming from our GOP Senator and House members.
Friday, October 17 Report this
pattybeenutty
Where is Congress? Are they still hiding in their home states and not even doing town halls.
Why would we even give to another dictatorship and destroy our farmers' livelihood?
Have we not had enough of Trump's dictatorship?
Please think of the useless ways he is spending our tax money and not helping Americans with their health care.
Friday, October 17 Report this
rayfusco68
The President cannot unilaterally give unappropriated funds to a foreign country. The Appropriations Clause of the U.S. Constitution requires that public funds be spent only as appropriated by Congress. While the President may withhold funds appropriated by Congress, this action is subject to legal limitations, particularly under the Impoundment Control Act, which requires the President to inform Congress of any proposed withholding.
The National Constitution Center
+1
Friday, October 17 Report this
rjckeuka4
Where is Buchanan?? Would he call out the administration on this crap? Hell no! He's too busy writing columns in the Sarasota Herald claiming Democrats are responsible for the shut down because they want Medicaid for illegal immigrants which is a huge lie...there's a law against it...he Personal Responsibility and Work Opportunity Act Reconciliation Act (PRWORA) of 1996 prohibits it. Illegals are treated for emergencies which is 0.4 % of the Medicaid budget! But Verne turns that into his BIG LIE and will keep hiding out from his constituents!!
Friday, October 17 Report this