Trump says he backs Argentina President Javier Milei but 'if he doesn't win, we're gone'

US President Donald Trump vowed to back Argentinian counterpart Javier Milei, only if his party wins the upcoming midterm legislative elections. The comments were made as Trump met Milei at the White House on Tuesday (Oct 14), days after announcing financial help for the South American nation. The US president, however, made it clear that he won't stick around if Milei's party fails to win the election. The Argentine market, after Trump's latest comment, reversed the gains it had made post the announcement of financial help.

What did Trump say about Argentina and Milei

"I'm with this man because his philosophy is correct, and he may win it. He may not win, but I think he's going to win. And if he wins, we're staying with him. And if he doesn't win, we're gone," Trump said before the planned lunch with the Argentine president.

Trump's statement came on the back of a $20 billion currency exchange announced by US Treasury Secretary Scott Bessent. Under the deal, the US will exchange a stable dollar for a volatile peso. The deal, full details of which are yet to be announced, depends on the continuity of economic policies seen as favourable by the Trump administration.

US stance on helping Argentina

The help from the US comes to Argentina on the back of Trump's belief that Milei is "great leader" and the US president "fully endorses" Argentine president's ideologies which, according to Trump is "Maga all the way, it’s ‘Make Argentina Great Again.’”

The US aid surely helps Milei's prospects of winning the mid-term election after the loss in a key provincial in a major setback last month. Former Argentine President, Cristina Kirchner, however, is skeptical of "the 'help' from the 'forces of the north'" which "food for today and hunger for tomorrow."