Since taking office in December 2023, Argentina’s self-proclaimed “anarcho-capitalist” President Javier Milei has successfully taken a “chainsaw” to his leftist predecessors’ ruinous policies and rescued his nation from an economic death spiral.
Despite delivering significant results, the fate of the Argentine president’s libertarian agenda and his nation’s continued support from the U.S. were conditional on the success of Milei’s Freedom Advances party in Sunday’s midterm elections.
Fortunately for Milei and his anti-left alliance with the United States, the Freedom Advances party prevailed over its leftist rivals in almost every district in the country, securing nearly 41% of the national vote — far and above the result reportedly expected by the Milei government.
Milei’s party picked up 64 seats in the lower house of the Argentine National Congress and 12 seats in the Senate. The ruling party exceeded the threshold necessary to sustain Milei’s presidential vetoes.
President Donald Trump congratulated Milei “on his Landslide Victory” early Monday morning, noting, “Our confidence in him was justified by the People of Argentina.”
“He’s making us all look good. Congratulations Javier!” added Trump.
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Photo by Tomas Cuesta/Getty Images
“The [Argentine] president is fighting 100 years of bad economic history and policy,” Treasury Secretary Scott Bessent said at an Oct. 14 Cabinet meeting where Milei was present. “There’s a midterm election coming up. We think he’s going to do quite well and then continue his reform agenda.”
Bessent indicated that whereas the Obama administration “wasted” an opportunity to support Latin American governments when they moved center-right politically, the Trump administration is forming economic bridges with like-minded nations that “want to do the right thing.”
‘The entire country confirmed its will to irreversibly change the destiny of our homeland.’
In the case of Argentina, whose stability Bessent indicated was “in the strategic interest of the United States,” American support recently came in the form of a $20 billion currency swap — a lifeline bypassing the International Monetary Fund that is aimed at economically stabilizing the country — and the possibility of $20 billion more in private credit.
Trump underscored the importance of the election and noted that if Milei and his party didn’t win, the U.S. would “not be generous with Argentina.”
“Our approvals are somewhat subject to who wins the election because if a socialist or — in the case of New York City — a communist wins, you feel a lot differently about making an investment,” said Trump, suggesting further that the U.S. wouldn’t waste money supporting a government kneecapped by or captive to a leftist philosophy.
Milei noted in his victory speech that when the new lawmakers take their congressional seats in December, Argentina “will have the most reformist Congress in Argentina,” and his party will work to make Argentina “the most free country in the world,” reported the Buenos Aires Herald.
“Today, the entire country confirmed its will to irreversibly change the destiny of our homeland,” added Milei.
Florida Rep. María Elvira Salazar (R) stated on Sunday, “Milei is the moral reference for the hemisphere, the exact opposite of Maduro. He’s proving that freedom, capitalism, and democracy still work. President Trump recognizes that, and together we can help Latin America prosper with those same values.”
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