As the Donald Trump administration in the United States pledged $20 billion (about 28 trillion won) in support for Argentina, which is in a foreign-exchange crisis, discontent is rising among core supporters. Critics say the "America First" pledge Trump touted is not being kept properly.
Earlier, U.S. Treasury Secretary Scott Bessent said on the 24th via social media (SNS) that the United States is negotiating a currency swap with Argentina, adding, "We are prepared to purchase Argentina's dollar-denominated bonds and will do so if conditions are met." He also said the administration is reviewing a plan to provide substantial guarantee credit through a foreign-exchange stabilization fund, noting that it is extremely rare for the United States to provide credit directly for another country.
The United States moved to aid Argentina because of the close ties between President Donald Trump and Argentina's President Javier Milei, known as the "Trump of South America." The right-leaning Milei is effectively the only pro-Trump figure among leaders of major Latin American countries, but his political standing has been shaken after a crushing defeat in local elections amid an economic crisis on the 7th. Trump is therefore seen as seeking to shore up Milei through financial support.
Some also view Trump's support for Argentina as a step toward a rightward turn in Latin America. International relations expert Nate Schenkkan told CNN that the Trump administration supports Milei for the same reason it backs Viktor Orban in Hungary and Jair Bolsonaro in Brazil. "The Trump administration wants conservative figures to take power. And it is thinking, 'They are our people. Let's use the tools we have to support them,'" he said.
The problem is that dissatisfaction is spreading among Trump's core base. In particular, farmers, a key Republican support base, are enraged that Trump is aiding Argentina, which is exporting soybeans to China in place of the United States at a time when the tariff war triggered by Trump has blocked U.S. soybean exports, the Washington Post (WP) reported on the 28th.
Caleb Ragland, who runs a roughly 4,500-acre farm in LaRue County, Kentucky, said, "We are losing competitiveness in the Chinese market because of government policy," and complained, "Yet our government is providing financial support to Argentina to boost its price competitiveness and help it sell products in markets that are hard for us to access." Republican Sen. Chuck Grassley of Iowa said, "Farmers were very angry that Argentina sold soybeans to China right after America's bailout."
Moreover, support for Argentina runs counter to Trump's "America First" stance. During last year's presidential race, Trump strongly criticized using Americans' tax dollars to help other countries. Since taking office in January this year, he has drastically scaled back U.S. foreign aid programs, reduced military support for Ukraine, and demanded higher defense cost-sharing from allies such as Korea and Japan.
WP assessed, "Trump's decision to provide $20 billion in financial support to Argentina has sparked anger even among his loyal base and exposed the limits of 'America First' economic policies," adding, "In trying to solve allies' problems, he is instead creating new headaches for himself."
Earlier, the U.S. political outlet Politico also reported, "The $20 billion financial aid plan Trump is pushing faces fierce backlash from both Democrats and Republicans as well as farm groups," adding, "They worry this move will hurt American farmers and end up propping up ailing foreign economies with U.S. taxpayers' money."