President Trump hailed his Argentinian counterpart, Javier Milei, as a “big victor” Monday after Milei’s party defied opinion polls to make big gains in the South American country’s legislative elections.
“Wow! That was a big win! In Argentina, I want to congratulate the victor. He was a BIG victor, he had a lot of help from us!” the president exulted to reporters on Air Force One en route to Japan from Malaysia. “It was unexpected!”
Argentina’s President Javier Milei celebrates after winning in legislative midterm elections in Buenos Aires, Argentina, on Oct. 26, 2025. APWith partial results reported, Milei’s La Libertad Avanza had increased its seats in the Chamber of Deputies to at least 64 from 37 and gained at least six seats in the Argentine Senate.
“BIG WIN in Argentina for Javier Milei, a wonderful Trump Endorsed Candidate! He’s making us all look good,” Trump added on Truth Social. “Congratulations Javier!”
The Trump administration had bet big on Milei’s hardcore libertarian leadership in Argentina, offering Buenos Aires a $20 billion currency swap earlier this month — with Treasury Secretary Scott Bessent suggesting the amount could grow to $40 billion by leaning on private sector assistance.
That lifeline was intended to stem a panic in which investors had been spooked by the poor performance of Milei’s party in the Sept. 7 Buenos Aires provincial election and polls showing the president’s popularity slipping amid protests at his austerity measures and frustration over several corruption scandals.
Investors fretted that another poor result on Sunday could doom Milei’s aggressive economic agenda, leading to a selloff of Argentinian assets, including the Peso.
Milei (C) and his sister, the General Secretary of the Presidency Karina Milei, greet supporters as they celebrate outside the ruling party’s La Libertad Avanza headquarters after the results of the national midterm legislative election in Buenos Aires. AFP via Getty ImagesMilei’s team then burned through some $700 billion while trying to stem the rapid currency devaluation, depleting their dollar reserves and leading to the US swap offer.
The White House defended the move by portraying it as a bid to counter growing Chinese influence in Latin America, with Trump warning ahead of the vote that the US would pull the plug on the swap.
“That election made a lot of money for the United States,” Trump told reporters Monday. “The bonds have gone up.”
“The whole debt rating has gone up.”
Milei had spent his first two years in office with a minority in Argentina’s Congress. With his party’s victory on Sunday, he will have more breathing room to carry out his shock therapy agenda with less fear of legislators overriding his vetoes.
Under the new government’s watch, monthly inflation plunged from 12.8% prior to Milei’s inauguration in December 2023 to 2.1% in September of this year.
Milei himself is up for reelection in 2027.
