SlateStone Wealth chief market strategist Kenny Polcari discusses Argentina’s foreign money disaster as President Donald Trump provides a monetary lifeline on ‘The Massive Cash Present.’
Sen. Elizabeth Warren, D-Mass., isn’t backing down from sparring with Treasury Secretary Scott Bessent over the Trump administration’s resolution to offer Argentina a $20 billion foreign money swap with Argentina’s central financial institution.
Warren, together with Sen. Amy Klobuchar, D-Minn., led a coalition of lawmakers in sending a letter to Bessent Monday accusing the secretary of prioritizing international governments over U.S. farmers as President Donald Trump considers providing farmers monetary aid and China scales again soybean purchases amid ongoing tariff negotiations.
“On the identical time the Administration is weighing monetary help for farmers impacted by the Administration’s self-inflicted commerce conflict, it’s unacceptable to proceed taking actions that proceed to undermine restoring long-term market entry for our farmers,” the lawmakers wrote.
Secretary of the Treasury Scott Bessent sparred with Sen. Elizabeth Warren, D-Mass., over the Trump administration’s $20 billion financial lifeline to Argentina. ( / Getty Photos)
“With comparatively giant harvests and a few remaining shares from 2024, the harvest in lots of areas is predicted to fill the grain bins shortly, with farmers having the added expense of short-term storage in grain luggage and even piles on the bottom, risking harm to the crop and additional value reductions,” the lawmakers wrote.
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Bessent introduced Oct. 9 that the Treasury Division would take part within the foreign money swap settlement with Argentina’s central financial institution, in an try and stabilize the Argentine peso by exchanging it for U.S. {dollars}.
Bessent stated in a social media publish that the U.S. was “ready, instantly, to take no matter distinctive measures are warranted to offer stability to markets,” and has since said that the U.S. may situation Argentina an extra $20 billion in financing by way of utilizing sovereign funds and people from non-public banks.
In the meantime, Trump has indicated he could present farmers with some sort of monetary aid, and instructed earlier in October that he could redirect funds the U.S. is accruing from tariffs imposed on imports into the U.S. to farmers.
When Trump employed tariffs throughout his first administration, the federal authorities offered billions of {dollars} in authorities support to farmers after China issued their very own retaliatory tariffs.
Sen. Elizabeth Warren, together with Sen. Amy Klobuchar, D-Minn., pictured right here, led a coalition of lawmakers in sending a letter to Treasury Secretary Scott Bessent on Oct. 27, 2025. (Tasos Katopodis-Pool / Getty Photos)
“As an alternative of prioritizing U.S. farmers and rural communities, the Administration has doubled down on aiding Argentina when household farmers are working out of time and can’t proceed to endure short-sighted worldwide actions as an alternative of long-term commerce stability,” the lawmakers wrote.
Warren, the highest Democrat on the Senate Banking, Housing and City Affairs Committee, launched the No Argentina Bailout Act in October. The measure would prohibit the Trump administration from utilizing the Treasury Division’s alternate stabilization fund (ESF), which supplies financing to international governments and the place the $20B is coming from, to assist Argentina.
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Exterior of passing this laws, there may be little Democrats may do to cease the Treasury Division from transferring ahead with its plans to help Argentina as a result of the company is granted broad discretion on how one can make use of the alternate stabilization fund.
Different Democrats who signed the letter embody Senate Minority Chief Chuck Schumer of New York, in addition to Sens. Adam Schiff of California, Dick Durbin of Illinois and Chris Van Hollen of Maryland.
The Treasury Division didn’t reply to a request for remark from Fox Information Digital.
Nonetheless, this isn’t the primary time Warren and Bessent have sparred over the monetary lifeline to Argentina. Bessent has backed up the Trump administration’s resolution to assist Argentina.
Secretary Scott Bessent speaks to members of the media outdoors the White Home on Wednesday, Oct. 22, 2025. (Aaron Schwartz/CNP/Bloomberg through / Getty Photos)
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“We have now been pressured to prioritize mission-critical efforts essential to the discharge of the President’s constitutional duties — together with nationwide safety and world monetary stability,” Bessent stated in an Oct. 21 letter to Warren.
Bessent then accused Warren of displaying “Peronist views,” a reference to a former president of Argentina, Juan Perón, and Peronism, an ideology that espouses that the federal government ought to have management of the nationwide financial system, in accordance with the State Division’s Workplace of the Historian.
“There may be little shock — given your Peronist views on massive authorities and freedom — that this kind of motion causes you nice anxiousness,” Bessent stated.
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Trump and President Javier Milei of Argentina have had a heat relationship since Trump took workplace. For instance, Milei was the primary international head of state to go to Trump following the 2024 election.
The Related Press and Fox Information’ Amanda Macias contributed to this report.