As Donald Trump greeted Argentinian President Javier Milei at the White House, a reporter shouted out a question about the American president’s message to the people of Argentina.
“We love them,” Trump replied. “We’ll be there for them.”
The latter point was clearly true. In fact, the United States will “be there” for Argentinians to the tune of $20 billion: That’s the figure of the Trump administration’s recently announced bailout, intended to help bolster the South American country’s economy as it confronts a possible crisis.
As Tuesday afternoon progressed, Trump celebrated his likeminded ally — Milei is “MAGA all the way,” the American president said — though he struggled with a question he should’ve seen coming. The Washington Post reported:
President Donald Trump on Tuesday touted a $20 billion foreign bailout that he acknowledged would not primarily serve American interests, testing his leeway with his own ‘America First’ motto and in particular the patience of domestic farmers who have yet to receive their own relief from Trump’s trade war.
In response to questions about the expensive U.S. bailout, Trump conceded, “It’s not going to make a big difference for our country.” In other words, American taxpayers will be on the hook for $20 billion, but they shouldn’t expect to see much in the way of returns on the investment.
He went on to say that the money is intended to “help a good financial philosophy,” adding that if Argentinian voters turned against Milei, the Republican White House would abandon the bailout package and allow the South American country to move closer to a possible crisis.
For decades, U.S. bailouts of other countries have been wildly unpopular, and it’s not hard to understand why: For many Americans, especially those struggling, it’s difficult to understand why federal officials would send their tax dollars to bolster a different country’s economy.
Trump, ostensibly a champion of an “America First” philosophy, not only appears indifferent to those concerns, he didn’t exactly bring persuasive talking points to sell his idea on the merits. On the contrary, the American president made it sound as if he’s using a whole lot of taxpayer dollars to bolster a struggling foreign ally who’s facing an uncertain electoral future.
It’s worth emphasizing that, under the White House’s policy, Argentina will be expected to eventually repay the funds. That said, the International Monetary Fund has had to bail out Argentina 23 times, and the country owes the IMF more money than any other country on the planet.
Indeed, the most recent IMF bailout was just in April, and even that wasn’t enough to keep Argentina’s economy and its peso from continuing to tank.
Or put another way, Americans probably shouldn’t hold their breath waiting for a return on Trump’s lucrative loan.
This article was originally published on MSNBC.com
