Argentina, U.S. sign $20 billion currency deal as Trump says country "dying"
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Argentina President Javier Milei and President Trump at a U.N. meeting in September 2025. Photo: Chip Somodevilla/Getty Images
Argentinian central bank officials on Monday confirmed they signed a $20 billion currency deal with the U.S. Treasury, one designed to stabilize the country's faltering economy.
Why it matters: The U.S. government is increasingly adopting a "whatever it takes" mantra when it comes to rescuing Argentina, despite questions about why and whether the aid comes at the expense of American farmers.
- It's the largest direct U.S. bailout of another country since the Clinton administration rescued Mexico in 1995.
Catch up quick: The Central Bank of Argentina confirmed the completion of the swap deal, first announced Oct. 9, in a statement Monday morning.
- "The objective of this agreement is to contribute to Argentina's macroeconomic stability, with special emphasis on preserving price stability and promoting sustainable economic growth," the bank said in a Spanish-language statement.
- In addition to that Oct. 9 agreement, the U.S. government has been buying Argentine pesos on the open market, and Treasury Secretary Scott Bessent said last week the administration is helping arrange an additional $20 billion rescue from the private sector as well.
Yes, but: The peso has continued to weaken despite the U.S. government's interventions, raising pressure on President Javier Milei, a close Trump ally.
The intrigue: Shortly after the U.S. first said it would come to Argentina's aid, the government dropped an export tax, which allowed Argentine farmers to sell soybeans to China at substantially lower prices.
- That further displaced American farmers, who've seen their largest export market evaporate amid Trump's trade war.
- After hinting last week at some sort of deal to lower American consumers' surging beef prices, President Trump said over the weekend the U.S. might buy and import Argentine beef — something the domestic industry is already gearing up to oppose.
What they're saying: Trump had an angry response aboard Air Force One Sunday night when asked about perceptions the Argentine bailout was hurting American farmers.
- "They're fighting for their life. Nothing's benefitting Argentina," Trump told reporters.
- "They have no money, they have no anything, they're fighting so hard to survive," he added. "Don't make it sound like they're doing great. They are dying, alright? They're dying."
What to watch: Whether the swap deal and the potential private-sector program make any significant impact on the country's troubled economy.
- At the same time, all farm eyes are on repeated administration promises of a substantial bailout program once the government shutdown ends.
