Bessent Cancels Argentina Trip, Milei–Trump Honeymoon Ends
In a development that deepens questions about the strategic relationship between Washington and Buenos Aires.
Quick overview
- U.S. Treasury Secretary Scott Bessent has canceled his trip to Argentina amid internal criticism regarding financial support for the country.
- The cancellation follows President Javier Milei's suspension of his visit to the U.S., raising doubts about the strategic relationship between the two nations.
- Concerns over Argentina's increasing economic ties with China and the refusal of U.S. banks to provide additional financial support indicate a shift in Washington's approach.
- The mutual cancellations suggest potential cracks in the previously strong Trump-Milei relationship, which was characterized by ideological alignment.
The cancellation of the U.S. Treasury Secretary’s trip comes at a time when the official is facing internal criticism over the financial support extended to Argentina’s libertarian government.
In a development that deepens questions about the strategic relationship between Washington and Buenos Aires, U.S. Treasury Secretary Scott Bessent has decided to cancel his planned trip to Argentina for the first week of December.
The decision comes just days after President Javier Milei suspended his own visit to the United States, originally scheduled for December 5 in Washington, where he had planned to attend the 2026 World Cup draw as a guest of Donald Trump.
The dual setback raises doubts about the degree of dependence Argentina’s government has built in recent months. With roughly $5 billion in debt payments coming due in January 2026 and the country’s urgent need for external financing to shore up reserves, the move sends an implicit warning about the limits of continued U.S. support.
Bessent’s trip—initially touted by the Milei administration as a milestone for deepening dialogue on macroeconomic stability and a potential $20 billion currency swap—was canceled amid growing signs of frustration inside the White House. Sources close to Trump adviser Barry Bennett leaked complaints about Argentina’s “excessive closeness” to China, with imports from Beijing surpassing $13.09 billion in the first nine months of 2025, a 66% year-over-year jump. That trend runs counter to the “America First” doctrine, which demands exclusive geopolitical alignment in the Western Hemisphere.
A pause in the relationship
In parallel, the mutual cancellations may hint at early cracks in the Trump–Milei relationship, which began as an ideological honeymoon marked by warm meetings at Mar-a-Lago and public praise on social media. Bessent was the architect of measures like the partial activation of the currency swap in October, which he described as a “profitable credit line” to stabilize the Argentine peso.
However, the refusal by U.S. private banks to extend an additional $20 billion rescue package to Argentina due to lack of collateral combined with the canceled trips and delays in finalizing a U.S.–Argentina free trade agreement, suggests a subtle but notable shift in Washington’s risk calculus. Meanwhile, and for unrelated reasons, Trump himself has publicly threatened to “kick his own secretary in the ass” over alleged mistakes involving the Federal Reserve.
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