Donald Trump has warned that the United States could cut financial aid to Argentina if President Javier Milei loses crucial legislative elections later this month. The US president made the remarks as Milei visited the White House to seek political and economic support.
“If he loses, we are not going to be generous with Argentina,” Trump said. “I’m with this man because his philosophy is correct. And if he wins we are staying with him, and if he doesn’t win we are gone.”
The Trump administration has already pledged $20bn to prop up Argentina’s struggling economy, but the backing has failed to calm markets or boost Milei’s polling ahead of midterm elections on 26 October. The results will determine whether Milei’s minority party can pass tough cost-cutting reforms or face legislative gridlock for the next two years.
Hailing Milei as a “great leader” and a “Maga” ally, Trump said he would “fully endorse” him. However, questions have been raised about how a large bailout aligns with the “America First” policy. Trump deflected, saying the US wants to see a “great philosophy” succeed.
Argentina, a major lithium producer, has been struggling to stave off a financial crisis, spending over $1bn to defend the peso—a strategy many economists deem unsustainable. The $20bn deal, announced by Treasury Secretary Scott Bessent, sparked a rally in bonds and stocks but marked a rare direct US intervention in Latin American currency markets.
Separately, Trump threatened tariffs against Spain for refusing to raise defence spending to 5% of GDP, calling the move “disrespectful” to Nato. Spain has argued that its strong troop contributions to Nato missions compensate for lower spending.
