President Donald Trump welcomed Argentine President Javier Milei to the White House, with the U.S. extending a $20 billion currency swap to Argentina. Milei expressed strong admiration for Trump, calling him an ally and an inspiration for freedom, ahead of their meeting.
Milei's visit aimed to secure U.S. tariff exemptions on Argentine products and finalize the $20 billion currency swap designed to bolster Argentina's depleted foreign currency reserves. The U.S. intervention came after Milei's party suffered electoral setbacks, leading to investor panic, a sell-off of Argentine bonds, and a rapid depletion of the country's dollar reserves.
The Trump administration's decision to provide financial assistance was seen as unusual, particularly amidst a U.S. presidential election campaign. For Argentina, however, the aid was crucial to help Milei avoid a potentially damaging currency devaluation before upcoming midterm elections. Experts noted that Milei needed to restore market confidence in his economic program.
Beyond the financial aid, discussions were expected to include the Stargate project, an AI data center initiative involving OpenAI, Oracle, and SoftBank, which Trump has championed. Milei also planned to attend a White House ceremony honoring a fallen American, having known the deceased on the right-wing speaking circuit.
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