Desperate for hard currencies to push up the value of its volatile peso, Argentina is once again facing another financial calamity. A repeat customer to the International Monetary Fund (IMF), Argentina borrowed another $20 billion this April with promises of reform. The IMF sparked controversy when its chief essentially endorsed Milei’s party but failed to see through his shaky plans.

U.S. Treasury Secretary Scott Bessent announced last week that the Trump administration was prepared to “do what is needed” to “support” Argentina and its president, Javier Milei, in advance of the country’s October legislative elections. Bessent’s call for “ large and forceful ” action by the U.S. government generated bipartisan uproar—not least because U.S. soybean farmers are facing their bleakest financial outlook in decades after their export revenue was snatched away by Argentina. Bailouts of banks, hedge funds, and foreign governments have long been despised by the U.S. public, especially when households face cuts to health care and other critical services. This all raises the question: Why would the United States bail out Argentina?

U.S. Treasury Secretary Scott Bessent announced last week that the Trump administration was prepared to “do what is needed” to “support” Argentina and its president, Javier Milei, in advance of the country’s October legislative elections. Bessent’s call for “large and forceful” action by the U.S. government generated bipartisan uproar—not least because U.S. soybean farmers are facing their bleakest financial outlook in decades after their export revenue was snatched away by Argentina.