Bessent: Trump preparing $20 billion in private sector aid for Argentina
Treasury Secretary Scott Bessent stated that President Donald Trump is considering increasing financial assistance too Argentina by an additional $20 billion through private sector involvement to address Argentina’s debt issues. This follows a recent $20 billion currency swap agreement between the U.S. and Argentina, announced shortly after Argentine President Javier milei, an ally of Trump, visited the White House. The move aims in part to counter China’s influence in the region, notably regarding China’s purchase of Argentine soybeans after halting U.S. soybean imports amid the trade war. Bessent highlighted that many banks and sovereign funds have shown interest in this private sector solution, which the administration has been working on for weeks. The declaration has caused discontent among American soybean farmers, who are awaiting their own bailout, with plans to use tariff revenues to support them currently stalled due to a government shutdown.
Bessent: Trump looks to double bailout package for Argentina with private sector help
Treasury Secretary Scott Bessent said on Wednesday that President Donald Trump is exploring ways to funnel an additional $20 billion in aid from the private sector to ease Argentina‘s debt problems.
Argentina’s President Javier Milei, a close ally of Trump, visited the White House earlier this week, just days after the Trump administration announced a $20 billion currency swap with Argentina.
White House officials previously told the Washington Examiner that the action was critical for countering China’s moves in the ongoing trade war, specifically their purchase of Argentine soybeans after Beijing halted all orders of American soybeans earlier this fall.
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However, Bessent said during a roundtable discussion at the Treasury Department that the administration has been “working” on ways to double the aid to Argentina “for weeks.”
“It is a private sector solution to Argentina’s upcoming debt payments,” he explained before adding that “many banks are interested in it and many sovereign funds have expressed interest in it.”
Furthermore, Bessent suggested that he and U.S. Trade Representative Jamieson Greer had attended meetings at the White House focusing on Argentina’s debt problems.
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The Trump administration’s previous announcement of the currency swap ignited anger among American soybean farmers, who themselves are awaiting a multibillion-dollar bailout of their own.
Secretary of Agriculture Brooke Rollins and senior White House officials have previously told the Washington Examiner that the president plans to divert revenue from his section 232 tariffs to fund the farmer bailout, though that process has stalled amid the ongoing government shutdown.
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