Name: How Trump’s Argentina Bailout Risks Billions for Americans
Uploaded: 2025-10-15T20:08:00Z
Duration: 7 min 2 s
Description: WSJ explains how the Trump administration is able to provide $20 billion to Argentina and why it is propping up an ideological ally.

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WSJ explains how the Trump administration is able to provide $20 billion to Argentina and why it is propping up an ideological ally. Photo: Ksenia Shaikhutdinova/WSJ

https://m.wsj.net/video/20251015/485b1003-e269-447d-92c3-e8781497f9ba/3/hls/manifest-hd-wifi.m3u8

WSJ explains how the Trump administration is able to provide $20 billion to Argentina and why it is propping up an ideological ally.

How Trump’s Argentina Bailout Risks Billions for Americans

He's MAGA all the way, make Argentina great again.

Narrator: President Trump has announced a $20 billion deal to rescue Argentina, angering some America First supporters and US farmers.

The problem here is that the US is entering into a situation that it has no exit strategy for.

Narrator: So what has Trump actually agreed to and how does it work?

Thank you very much.

Thank you very much.

Narrator: To understand the deal, you need to know who this is. Argentinian President Javier Milei, a chainsaw-wielding, anarcho-capitalist, elected in 2023. MAGA loves him as much as he loves MAGA.

Javier Milei was an economist. He was a TV pundit who had really very little public experience, but he came to office and he ran for office, promising radical change to a country that had spent decades with economic turmoil.

Narrator: Monthly inflation peaked at over 25%. Almost half of the country was in poverty. Argentinians had decided they had nothing to lose and voted Milei in.

When he took office, one of the kind of slogans of Javier Milei is that, there's no money. So he just began to really slash public spending, drastically reduced the number of public workers, closed ministries, and halted basically all public works projects as well.

Argentina always makes these promises, and then it never follows through. But Milei followed through, and so capital flows came back to Argentina. Investors came back to Argentina.

Narrator: And Argentina needs those dollars because its economy is unique. It has its official currency, the peso, but people also widely use the US dollar to set prices and especially to save, because no one trusts that the peso will keep its value.

After initially devaluating the peso, he wanted to keep actually a stronger peso in order to help bring down inflation. He was successful in that regard.

Narrator: To do so, Milei first used a so-called crawling peg where he steadily devalued the peso every month and later a currency band where he kept it from falling outside of this floor and ceiling.

A lot of economists say that's not sustainable because you need to have ample Central Bank reserves in order to defend the peso.

If things turned sour for the government, investors are going to test your ability to maintain that exchange rate control.

Narrator: From the start, Milei faced protests against his spending cuts, and many are disillusioned by bribery accusations against his top aide, including his closest confidant, his sister Karina. With the economy faltering too, Milei's party faced significant losses in local elections in early September.

He didn't have a strong political party when he took office, so he depends a lot on the public support in order to advance his reforms. So once he kind of lose that support, then there's a lot of concerns about how sustainable his program is going forward. That's why there's a lot of focus on those midterm elections on October 26th.

Narrator: Investors concerned about those midterms, panicked, triggering a selloff of the peso. Milei tried to halt the drop by selling $1 billion of the Central Bank's reserves, but it failed to stabilize the currency.

Investors start getting out of Argentina because they fear the peso will devalue. Then the Central Bank intervenes to contain that devaluation. But that means that the Central Bank loses reserves in the process. Investors look at that and say, "Hey, they're losing reserves, so the peso is really gonna devalue." So it's a cycle that, you know, just spins out of control.

Narrator: Enter Donald Trump

To the people of Argentina, we're backing him 100%. We think he's done a fantastic job.

Narrator: In late September, the Trump administration offered a stunning show of support. floating a $20 billion economic aid package.

The fact that the US decided to act in this situation in a very bluntly political way was surprising.

Your poll numbers, I hear, are pretty good, but I think they'll be better after this.

Narrator: The announcement immediately calmed markets in Argentina, but backfired in the US.

So I get up one morning, I turn the news on, and you give $20 billion of taxpayer money to my competition.

Narrator: The same day Trump floated a bailout, Milei announced a suspension of export taxes on most grains, and China, which has not bought any American soybeans this year, purchased millions of metric tons of the crop from Argentina. Some Democrats also accused the administration of intervening to help wealthy American investors.

Bessent's pals have bought up Argentina's debts and if Argentina goes down, hmm, those Wall Street billionaires could lose a lot of money.

This trope that we're helping out wealthy Americans with interest down there, couldn't be more false. What we're doing is maintaining a US strategic interest in the Western hemisphere.

Narrator: In October, Bessent announced that the US Treasury had already directly bought pesos, a first, and would provide Argentina Central Bank with a $20 billion currency swap, giving it dollars to keep the peso propped up.

Argentina has had over several decades, numerous bailouts. But President Trump is picking winners and losers based on ideological preferences and who he likes.

If he loses, we are not gonna be generous with Argentina.

[Narrator[ Bessent is using the Exchange Stabilization Fund, a rarely used reserve that currently holds $220 billion in assets. Unlike other spending authorized by Congress, the Treasury Secretary has total control.

It's not a bailout at all. There's no money being transferred. The ESF has never lost money. It's not going to lose money here.

When a country is in crises and it's facing a shortage of dollars, and the United States supplies these dollars, that is a bailout by definition. So they may not wanna call it a bailout, but it's a bailout.

Narrator: Following Milei's White House visit, Bessent also announced the administration would help corral a private sector rescue plan, totalling an additional $20 billion. Argentina still owes the International Monetary Fund $41 billion and has a history of defaulting, and Trump's bet may not pay off. Amid the financial pain and corruption allegations, US support may not be enough to give Milei the boost he needs in these elections.

Regardless of what happens on October 26th, US taxpayers are already on the hook. Yes, we now have a 20 billion lifeline. That 20 billion lifeline may not be enough, so the US may have to provide Argentina with more dollars in the future. Maybe not even in the far future at that, if the elections on October 26 don't go Milei's way. Because unless Argentina can fix the dual currency regime problem, even if market turmoil is not an issue for the next several weeks, it'll come back.

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