Things are heating up in Washington — and in Buenos Aires — as Donald Trump sends a clear warning to his Argentine ally Javier Milei ahead of crucial midterm elections later this month.

“If he loses, we are not going to be generous with Argentina,” Trump told reporters during Milei’s visit to the White House. The two right-wing leaders met as Milei sought U.S. support to help stabilize Argentina’s struggling economy.

Trump, who’s long described Milei as a “great leader,” threw his full weight behind the Argentine president’s economic and political agenda — calling him “MAGA all the way… Make Argentina Great Again.”

But there’s a catch. Trump’s backing comes with a serious political condition: Milei has to win.

💰 $20 Billion and Counting

Washington recently promised a $20 billion lifeline to Argentina — an effort to calm markets and support the peso amid yet another financial crisis. Despite the move, investor confidence hasn’t fully returned, and Milei’s approval ratings have taken a hit.

The U.S. Treasury called the bailout a response to “acute illiquidity,” with Secretary Scott Bessent noting that it was meant to keep Argentina’s economy afloat while Milei pushes through his tough cost-cutting reforms.

The aid sparked a short-lived rally in Argentine bonds and stocks, but many economists remain skeptical. With Argentina burning through over $1 billion in recent weeks to defend the peso, the situation looks increasingly fragile.

🔋 What’s in It for the U.S.?

Trump’s support for Argentina — and his willingness to intervene financially — has raised eyebrows. How does a massive bailout align with his “America First” approach?

When asked, Trump framed it as a fight for ideology:

“We are helping a great philosophy take over a great country. We want to see it succeed.”

Behind the scenes, analysts point to Argentina’s lithium reserves — a strategic asset for the global energy market. Before Milei took office, Argentina had been strengthening economic ties with China, something Trump and his team likely want to curb.

⚖️ Political Pressure Mounts

The upcoming October 26 legislative elections are critical for Milei. His party holds a minority in Congress, and without new seats, his reform agenda could be blocked for the rest of his term.

Trump’s message makes one thing clear: if Milei loses, Argentina risks not just political isolation — but also losing U.S. financial backing.

Meanwhile, Trump’s week of warnings didn’t stop there. He also took a swing at Spain, threatening trade tariffs over its refusal to raise defense spending to 5% of GDP, calling the move “disrespectful to NATO.”

🌎 A New Chapter in U.S.–Latin America Relations?

Trump’s mix of praise and pressure shows how closely Washington is watching Argentina’s political future. With the economy hanging by a thread and Milei betting on international backing to survive, the stakes couldn’t be higher.

Whether this alliance will “Make Argentina Great Again” — or just deepen its dependency — remains to be seen.