Trump Conditions U.S. Aid to Argentina on Milei’s Election Win; Petro Slams It as «Blackmail»

U.S. President Donald Trump told his Argentine counterpart Javier Milei that any U.S. economic support for the South American nation will depend on his La Libertad Avanza (LLA) movement winning the October 26 legislative elections. Colombia’s President Gustavo Petro denounced the condition as «blackmail,» arguing that voters must cast their ballots free from external pressure.

The highly publicized White House meeting on Tuesday opened with mutual praise and upbeat predictions. Over lunch, however, the Republican tycoon looked Milei in the eye and delivered a line that left the libertarian leader facing a stark, uncertain scenario.

«We are here to support you in the upcoming elections,» he said. Then, turning to Treasury Secretary Scott Bessent, he finished the thought with a warning: «But if he doesn’t win, we won’t waste time: we will not be generous with Argentina.»

He later reiterated the condition to the press, tying Washington’s support not only to the October 26 legislative vote but also projecting influence into Argentina’s 2027 presidential race.

«If Milei does not win the election, I know the person likely to run in 2027 is a far-left communist responsible for bringing the country to this problem in the first place. If that happens, then we will not be generous with Argentina,» the U.S. president said. As reported by Página/12, the remark was a nod to a potential bid by Axel Kicillof, whom Trump has labeled «a far-left communist» and «responsible for bringing the country to this problem,» referencing his time as economy minister during the last two years of Cristina Fernández de Kirchner’s administration.

According to the outlet, witnesses to the meeting said that, referring to the legislative contests, Trump noted that «Argentina’s election is coming soon and the world is watching.»

«We think (Milei) is going to win. If he doesn’t, we won’t waste time. Because someone will surely come in with a philosophy that will not make Argentina great again,» he warned.

The businessman praised Milei as «a great economist» who is «on the verge of tremendous economic success.» He also urged him to «stick to his principles because he is right and doing the right thing.»

«Everyone knows he is doing the right thing, but we have this sick far-left culture that wants to paint a bad picture of him,» the far-right leader added.

Petro: «Argentine voters must be free from blackmail»

The release of these statements triggered a forceful response from Colombia’s president, Gustavo Petro, who used his X account to voice his rejection and defend the sovereignty of Latin America’s democratic processes in the face of Trump’s alleged «blackmail.»

The Colombian leader stressed that the region’s democratic processes must not be conditioned by external interests or indirect threats, reaffirming the primacy of popular sovereignty.

«Argentina’s vote, like that of any Latin American country, must be free from blackmail,» he wrote on X.

Alarm in financial markets

As Trump’s comments linking economic support for Milei’s administration to electoral outcomes ricocheted across international media, U.S. and Argentine financial markets flashed warning signs.

According to Página/12, «the mere circulation of that comment was enough for Argentine stocks and sovereign bonds in both Wall Street and Buenos Aires to reverse early gains and plunge by as much as 10 percent from the previous close.»

«The promise of help had turned into a threat. The contribution to financial stability, into crude extortion,» the outlet wrote.

Details of the conditional economic support

The economic support Trump touted would total $20 billion and would be structured as a currency-swap agreement. The mechanism would function as a credit line to Argentina’s central bank, boosting international reserves but with limited availability. The fund would serve exclusively as collateral for servicing the national public sector’s foreign-currency debt, helping avert default at each maturity.

Although the prospective deal with the United States would not require Argentina to unwind its similar swap with China, Trump issued a separate geopolitical warning. He told reporters Washington is not opposed to Argentina’s commercial ties with China, but that it would «dislike» any military arrangements or cooperation with the Asian power’s armed forces, alluding to potential bases, observatories, or port facilities.