By Wallace White
Argentine President Javier Milei scored a major win in the nation’s elections Sunday, doubling his party’s share of congress on the heels of a multibillion-dollar economic bailout deal from the Trump administration. After the election win, Argentina’s currency strengthened, raising the possibility that the U.S. will make a big profit on its bailout of Argentina.
Milei’s Freedom Advances party is set to double its seats in the Argentinian Congress, earning a mandate for his massive free-market reforms and the veto power to defend them, after his coalition secured more than a third of seats in both chambers. Milei has been in talks with President Donald Trump and the administration to obtain a mammoth $40 billion bailout to relieve his nation’s mounting financial pressures.
“BIG WIN in Argentina for Javier Milei, a wonderful Trump Endorsed Candidate!” Trump said on Truth Social Monday morning. “He’s making us all look good. Congratulations Javier!” (RELATED: Argentine President Who Just Got $20 Billion Trump Bailout Holds Massive Rock Concert For Book Launch)
U.S. President Donald Trump (L) greets President of Argentina Javier Milei as he arrives at the West Wing of the White House on October 14, 2025 in Washington, DC. (Photo by Kevin Dietsch/Getty Images)
After becoming president on December 10, 2023, Milei embarked on a massive campaign to shrink government programs and slash regulations to bring the nation’s economy out of stagnation and runaway inflation. The Argentine economy, which had shrunk rapidly before Milei took over, stopped shrinking under Milei’s administration. However, the Argentine treasury is running dry, and with mounting payments on debt looming, Argentina reached out to secure a bailout from the U.S.
While inflation in Argentina remains high, the rate has fallen from over 130% in 2023, to 41.3% in 2025, according to International Monetary Fund statistics. Right before Milei took office, Argentina’s inflation rate was about 25% per month. Now, it is about 3% per month.
Treasury Secretary Scott Bessent is strongly encouraging Argentina to cut its economic ties with China in light of the generous payout, people familiar with the conversations told the Wall Street Journal.
“The United States supports Argentina’s efforts to stabilize its economy and President [Milei]’s ambitious reform agenda,” the State Department said on X Monday. “We continue to work with Argentina to implement sustainable reforms to deliver long-term economic stability and prosperity for its people.”
Poverty finally stopped rising after Milei took office. According to Argentina’s national statistics agency, the poverty rate in the second half of 2024 was 38.1 percent—a 3.6 percentage point drop from when Milei took office in December 2023.
Before Milei was elected, Argentina experienced decades of decline. Argentina had once been one of the richest nations on earth, richer than Canada, Australia, and all but a handful of countries. But by the time Milei was elected, Argentina had fallen behind around 70 countries, including countries that were once much poorer than it, such as Turkey, South Korea, and Panama. Arbitrary regulations and red tape did much to cause its economic decline.
But after being elected, Milei repealed many of his country’s regulations. Argentina has one of the biggest red-tape burdens on earth, although Brazil has a more complicated tax code, and France has a higher tax burden. At the time Milei was elected, Argentina ranked 23rd worst out of 165 countries in terms of its regulatory burden, imposing more red tape than many European countries with much better health, safety, and labor conditions.
In December 2023, Milei issued a decree that repeals or reforms 300 laws to begin reversing “decades of failure, impoverishment, decadence, and anomie.” Milei had his work cut out for him — Argentina ranked very low in economic freedom — 158th out of 165 countries ranked — and ranked a pitiful 163rd in trade freedom.
