The Trump administration purchased Argentine pesos and finalized a $20 billion currency swap with Argentina’s central bank to stabilize the country’s struggling finances.

Treasury Secretary Scott Bessent emphasized swift U.S. action to support Argentina, whose peso recently fell sharply amid dwindling foreign reserves.

The deal has drawn criticism from U.S. farmers and Democratic lawmakers, who argue it acts as a bailout while Americans face economic challenges, prompting the introduction of the No Argentina Bailout Act.

The support benefits President Javier Milei, a Trump ally, ahead of Argentina’s midterm elections on October 26, though economists warn it is only a temporary lifeline, Al-Jazeera has reported.

Critics, including Senator Elizabeth Warren, accuse Trump of prioritizing foreign allies and wealthy associates over American interests.