Sometimes even the Trump administration acts like a normal American government. The bailout of Argentina is one of those times.
The Trump administration is proposing to lend Argentina up to $20 billion to support its currency on financial markets. The plan is unpopular with Republicans and Democrats alike. Yet at a time when much of U.S. policy seems driven by a perverse hostility to the outside world, assistance to Argentina is a welcome exception that deserves support across the political spectrum.
Yes, the administration’s proposal completely contradicts Donald Trump’s rhetoric of “America First,” but this rhetoric is wrong and self-harming. Yes, the bailout is motivated by Trump’s capricious favoritism. But in this case, Trump has at least chosen an appropriate beneficiary.
Yes, at least one hedge-fund friend of Treasury Secretary Scott Bessent’s stands to benefit. But there are hedge funds on every side of every financial bet, and saying no to the deal will also enrich somebody.
The United States has a big interest in advancing free-market and democratic institutions in the Western hemisphere.
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