ate Trump policy, his trade war with China. But the timing of the aid and the soya bean export troubles pose a problem of optics for the White House. At the same time, Trump is taking heat from Democrats over the scale of the financial aid package in relation to the cost of expiring subsidies that make the cost of Affordable Care Act marketplace plans more affordable. Democratic Senator Amy Klobuchar of Minnesota and Adam Schiff of California are among those who have made this argument. What does the Argentina ‘bailout’ refer to? Argentina’s far-right President Javier Milei’s alliance with Trump is key to this story. Milei, who was inaugurated in December 2023, won the presidency on a platform of slashing government spending as well as other libertarian ideas, a political ideology that emphasises individual liberty and advocates for a limited government. Milei, whom Trump has called his “favourite president”, presented a chainsaw, a symbol of his aggressive spending cuts, to then-Trump ally Elon Musk at March’s Conservative Political Action Conference. Amid high inflation back home, however, Milei has faced challenges. The Argentinian currency, the peso, is weak, meaning it takes more pesos to buy foreign goods. This has worsened Argentinians’ economic standing and posed a political challenge to Milei. Ahead of key legislative elections in Argentina, the Trump administration offered a $20bn rescue package, known as a currency swap facility, to help stabilise the peso. This is an agreement between two central banks to exchange debt under set terms. The agreement was officially signed on October 20. Treasury Secretary Scott Bessent framed the $20bn in assistance as support for an ally in need. If Miliei loses the legislative elections, he won’t be able to continue his so-called “chainsaw economics” that have seen drastic cuts in social and welfare spending. “It’s hope for the future,” Bessent told reporters on October 14. “I think that with the bridge the US is giving them and with the strong policies, that Argentina can be great again.” Critics say this could involve buying Argentinian bonds at above-market prices, with a risk of monetary losses for the US. “Buenos Aires’ path back to economic stability requires more than a balanced budget,” wrote Brad Setser, a senior fellow at the Council on Foreign Relations. “The country’s economy has historically suffered from a shortage of foreign exchange. Its export base is small and commodity heavy. Its external debts are relatively large, and its foreign exchange reserves are low.” Has the US recently doubled the size of its support to Argentina? US Senator Ruben Gallego in an X post on October 15 said that “Trump is DOUBLING his bailout for Argentina. Meanwhile your health care premiums are about to DOUBLE.”