When President Javier Milei of Argentina faced an economic meltdown, President Trump vowed to come to his aid. But that lifeline is coming at a cost.

WASHINGTON (Reuters) -U.S. support for Argentina hinges on the ruling party of President Javier Milei succeeding in this month's midterm legislative elections, President Donald Trump said on Tuesday, saying "we're not going to waste our time" if Milei's party does not win.

Argentina’s libertarian leader is sparing no praise for the U.S. president ahead of his first White House meeting with Donald Trump.

The bailout includes a currency swap between the U.S. Treasury and Argentina’s central bank, designed to shore up the peso and back Milei’s libertarian reforms. Trump made clear that future U.S. support is contingent on Milei remaining in power: “If he loses, we are not going to be generous with Argentina,” Trump said.

President Donald Trump doubled down on his plan to carry out a $20 billion currency swap with Argentina during a bilateral lunch with the South American leader.

President Trump wrote on Truth Social that China was “purposefully not buying our Soybeans,” calling it an “Economically Hostile Act,” and that the U.S. was considering terminating cooking oil imports from China, as well as potentially other business, as retribution. The United States “can easily produce Cooking Oil ourselves,” he said.

Get the latest Trump administration news as the government shutdown continues. House Speaker Mike Johnson said this could become the longest shutdown in U.S. history.

The Trump administration has finalized plans to provide a $20 billion lifeline to Argentina, Treasury Secretary Scott Bessent said Thursday via social media. Additionally, the United States “directly” purchased Argentine pesos,