Trump Praises Milei's "Wonderful Job" as Argentina's President Secures Midterm Victory

Former U.S. President Donald Trump has publicly lauded Argentine President Javier Milei, stating that Milei is "doing a wonderful job" and that confidence in him has been "justified by the people of Argentina." The endorsement, shared on Truth Social, comes as Milei's party, La Libertad Avanza, achieved a significant victory in Argentina's recent midterm legislative elections.

Milei's party secured nearly 41% of the vote, gaining 13 of 24 Senate seats and 64 of 127 lower-house seats contested. This outcome is expected to bolster President Milei's ability to advance his radical economic reforms, which have been characterized by substantial spending cuts and deregulation. Since taking office in December 2023, Milei has implemented policies aimed at combating hyperinflation, which had reached nearly 300% annually in March 2024, and reducing the national deficit.

The economic measures, often dubbed "chainsaw austerity," have included slashing public spending, freezing the money supply, and reducing regulations across various sectors. While supporters credit Milei with significantly bringing down inflation to a projected 30% for 2025 and restoring investor confidence, critics point to job losses, a decline in manufacturing, and a decrease in purchasing power. Poverty initially spiked to 53% but has since fallen to 32%, pulling millions out of destitution.

The U.S. has played a role in supporting Argentina's economic stability, offering a potential $40 billion lifeline through a currency swap, peso purchases, and private investment arrangements. This support was reportedly contingent on Milei maintaining political momentum. The midterm results are seen by some as a validation of his economic experiment and a signal that U.S. financial backing will continue.

Despite the recent success, challenges remain for Milei, including a stagnating economy and ongoing concerns about the sustainability of his exchange rate policies. The election results, however, indicate a continued public willingness to support his anti-establishment approach over a return to previous Peronist models.