Argentina's central bank (BCRA) has signed a $20B currency stabilization agreement with the U.S. Treasury Department, less than a week before the country's key midterm legislative elections. The agreement establishes the terms for bilateral currency swap transactions.

President Donald Trump is facing renewed backlash for his support of Argentina following a tone deaf comment he made about a potential beef trade deal with the country. Trump has been publicly mulling over the possibility of beginning to import beef from Argentina as a way to bring down prices at U.S. grocery stores.

Trump had just confirmed plans to buy beef from Argentina which he argued would curb soaring U.S. meat prices.

Argentina's central bank said on Monday it signed a $20 billion exchange rate stabilization agreement with the U.S. Treasury Department, providing a total of $40 billion in U.S. support for Latin America's third-largest economy. The Treasury has also bought Argentine pesos in the open market.

Banks are looking for assets or guarantees from the U.S. government that would back a private-sector loan to support Argentine President Javier Milei.

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As the cost of the White House’s bailout package roughly doubles, the political risks for the American president appear increasingly unavoidable.

President Donald Trump has approved $20 billion in bailout for Argentina, a country on the brink of economic crisis. Trump likes Milei's policies.