President Javier Milei welcomed US Treasury Scott Bessent to the Casa Rosada on Monday for a high-profile visit that underlines deepening ties between the two nations.
In a statement issued by the US Treasury, Bessent highlighted Washington's "full support" for Milei's "bold economic reforms" and expressed his desire for deeper ties.
"The secretary conveyed that Argentina can accomplish a bright future for its people under economic policies that provide stability and growth for the country’s workers and dynamic private-sector firms," read the statement.
The meeting was also attended by Lydia Barraza, chargé d'affaires at the US Embassy in Argentina, Deputy Treasury Secretary Michael Kaplan and the Treasury Chief-of-Staff Dan Katz.
Representing Argentina were Milei, Economy Minister Luis Caputo, Deputy Economy Minister José Luis Daza; Finance Secretary Pablo Quirno and Central Bank Governor Santiago Bausili.
Bessent, 63, landed at Aeroparque Jorge Newbery in Buenos Aires just after 10am, ahead of a morning meeting with Caputo.
Talks with representatives from the private sector were also scheduled, ahead of the meeting with Milei.
According to Argentina’s government, talks were due to focus on economic and financial matters, support for structural reforms and access to international credit markets.
The visit is a gesture of support from the US government, designed to highlight deepening relations between Buenos Aires and Washington.
It comes at a key time for Argentina, which on Friday confirmed a new US$20-billion programme with the International Monetary Fund and a host of additional funding from multilateral institutions, including the World Bank.
President Milei’s government, in tandem, announced sweeping changes to the so-called ‘cepo,’ the domestic word used to refer to currency controls and restrictions that limit access to foreign currency.
In tandem, US President Donald Trump has sparked global economic unrest by announcing a plan to slap tariffs on nearly every nation across the globe. Hardest hit by Trump’s “reciprocal tariffs” is China, igniting a trade war between the two superpowers.
Beijing last week renewed a currency swap between its Central Bank and Argentina’s worth US$5 billion.
Last week, a delegation of Chinese business leaders – from sectors including banking, energy and aviation – visited Buenos Aires to discuss trade and economic cooperation.
Analysts saw Bessent’s visit as a way to underline Washington’s support and persuade Argentina to turn away from Beijing.
That motive was underlined by the US Treasury statement, which said Bessent had emphasised the Trump administration's "commitment to solidifying its position as Argentina’s partner of choice."
Talks over the potential removal of selected Argentine products entering the US were also on the agenda. Buenos Aires wants tariffs lifted on a basket of around 50 products including aluminium, steel, wine, lemons, honey and other foods.
Bessent praised Argentina for "moving quickly to negotiate with the United States on a package of reciprocal trade measures" and said he would co-chair talks over a trade agreement.
Washington also sees potential for US firms to deepen their interest in the Vaca Muerta shale formation, lithium business and privatisations of state companies.
“Thanks to the bold leadership of President Javier Milei, the relationship between the United States and Argentina is stronger than ever. I look forward to our positive discussions about Argentina’s economy, and to exploring the ways our nations can further deepen our vital economic relationship” said Bessent in a statement issued last week.
Government sources have hailed the “historic” nature of the visit, especially given the trade war launched by tariffs imposed by US President Donald Trump.
“Argentina and the United States have decided to be strategic allies, and that is a benefit for both societies,” one source told the Noticias Argentinas news agency on Monday.
– TIMES/NA/PERFIL
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