Argentina’s President Javier Milei is due for high-stakes talks with Donald Trump on Tuesday as the US president prepares to offer a financial lifeline to his ideological ally after days of market turmoil.
US Treasury secretary Scott Bessent said on Monday that “all options” were on the table to support Milei, a libertarian economist and close Trump ally, to help arrest a damaging run on Argentina’s currency. Washington would consider an intervention to buy pesos or Argentina’s sovereign debt, Bessent said.
The peso rallied after Bessent’s pledge of support, strengthening 6 per cent on Monday. Yields on Argentina’s dollar debt, which move inversely to prices, fell 3.7 percentage points, though they remain more than 10 points above comparable US Treasuries.