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Argentinian President Javier Milei’s party secured more than 40 percent of the vote in legislative elections on Sunday, delivering a major victory to President Trump, who staked U.S. financial support on the success of the libertarian Latin American ally.
“I love that question because that was a big win in Argentina,” Trump told reporters on Air Force One, when asked about the election results.
“I want to congratulate the victor. And he was a big victor, and he had a lot of help from us. He had a lot of help. I gave him an endorsement, very strong endorsement… People thought it would be hard to win. And not only did he win, he won by a lot. So, Argentina, that was a great thing.”
Milei’s party won 64 of the 127 seats in the lower chamber and 13 of the 24 seats in the upper chamber, enough to prevent the legislative branch from overturning his vetoes. The party had been forecast to win approximately 30 percent of the seats, Bloomberg reported.
Argentina’s dollar bonds soared on Monday, as well, with those due in 2035 up more than 13 cents, trading at a record 70.34 cents, according to Bloomberg’s indicative pricing model.
“We’ve made a lot of money based on that election because the bonds have gone up. Their whole debt rating has gone up,” Trump told reporters, noting, “We’re not in that for money, per se.”
The U.S. Treasury finalized a $20 billion currency swap and said the country is looking to provide an additional $20 billion in financing through a mix of partnerships, including from sovereign funds and private banks.
Treasury Secretary Scott Bessent similarly congratulated Milei on his election win, saying the results are a “clear example that the Trump Administration policy of Peace through Economic Strength is working.”
“We look forward to continued steps toward economic freedom that will attract private sector investment and job creators, bringing prosperity to the Argentine people,” he continued. “Under President Trump’s leadership, the relationship between the United States and Argentina has never been stronger. Latin America is on its way to a bright economic future.”
Trump posted on Truth Social early Monday congratulating Milei on his “Landslide Victory,” saying he’s doing a “wonderful job,” and “Our confidence in him was justified by the People of Argentina.”
Milei responded to the U.S. president in a post on the social platform X, thanking him “for trusting the Argentine people” and calling Trump “a great friend of the Argentine Republic.”
“Our Nations should never have stopped being allies. Our peoples want to live in freedom. Count on me to fight for Western civilization, which has succeeded in lifting more than 90% of the world’s population out of poverty,” he continued.
“MAGA,” Milei added, posting emojis of Argentina’s flag, followed by hands shaking and the American flag.
