President Trump announced that the nation may purchase beef from Argentina in an effort to lower meat prices in the United States.
“We would buy some beef from Argentina. If we do that, that will bring our beef prices down,” Trump told reporters on Air Force One. “The one thing that’s kept up is beef. And if we buy some beef, no I’m not talking that much from Argentina, it would help Argentina, which we consider a very good country, a very good ally.”
The comments follow the United States entering a $20 billion currency deal with Argentina.
“The United States stands with Argentina. Yesterday, Treasury bought pesos in the ‘Blue Chip Swap’ and spot markets. Treasury remains in close communication with Argentina’s economic team as they work to Make Argentina Great Again,” Treasury Secretary Scott Bessent said in a statement last week. “Treasury is monitoring all markets, and we have the capacity to act with flexibility and with force to stabilize Argentina.”
The Central Bank of the Argentine Republic (BCRA) confirmed the deal, explaining that the agreement’s objective is to “contribute to the macroeconomic stability of Argentina, with special emphasis on preserving price stability and promoting sustainable economic growth.”
Argentine President Javier Milei told CNBC that the swap does not increase the debt of either country.
“On the other hand, it is normal practice for central banks to buy currencies to build up reserves from other countries and even to buy government securities,” Milei explained. “Therefore, it is nothing that is not within the logic of what a central bank does. And if you see that some assets are very cheap, such as the Argentine peso or Argentine government bond positions, I say, well, it’s a good opportunity and that’s what Treasury Secretary Bessent said.”
