Treasury Secretary Scott Bessent recently pledged $20 billion of support to Argentina to prevent its currency from sliding further and to backstop Javier Milei’s Trump-like economic agenda. Then, Argentina turned around and lowered its export tariffs and dumped its soybean crop on the market. They found a willing buyer in China, who has ceased purchasing U.S. agriculture due to the Trump tariff war. The whole affair boiled over when an AP photographer snapped a picture of a text thread on Bessent’s phone from Agriculture Secretary Brooke Collins who said U.S. soybean farmers were livid because their market collapsed. It’s another example of the Trump administration putting ideology and pettiness ahead of his own constituents. But there’s a larger game afoot that no one is talking about that this situation perfectly illustrates: We’re playing checkers and China is playing chess.

Chapters

Intro: 00:00:36

Post Show Musings: 00:25:22

Outro: 00:27:43

Resources

Americas Quarterly: A Key Pending Challenge for Milei’s Argentina

New York Times: Milei Vowed to Fix Argentina’s Economy. Then Came a New Crisis

Newsweek: Trump’s Argentina bailout sparks fury among farmers, Republicans

Paul Krugman: Why Is Trump Bailing Out Argentina?

Federal Reserve: Dollarization in Argentina

The Observatory of Economic Complexity: United States (USA) and Argentina (ARG) Trade

International Trade Administration: Argentina - Market Overview

MercoPress: Argentina records 21st straight trade surplus

CEIC Data: Argentina Consolidated Fiscal Balance, 1993 – 2025

Americas Quarterly: Milei’s Path to Dollarization: Riddled with Doubts

J.P. Morgan: De-dollarization: The end of dollar dominance?

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Book Love

Carol Wise: Dragonomics: How Latin America Is Maximizing (or Missing Out On) China's International Development Strategy

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