Argentine President Javier Milei took the stage at the Conservative Political Action Conference (CPAC), advocating for a free trade agreement between Argentina and the United States.
He expressed alignment with former U.S. President Donald Trump’s trade policies, emphasizing the importance of reciprocity in international trade. However, Milei’s proposal faces challenges due to Argentina’s existing commitments to the Mercosur trade bloc.
Milei supports Trump’s trade policies
During the conference, Milei met with Trump and expressed support for his reciprocal tariff plans, a policy that has drawn criticism from other nations. The Argentine government confirmed that both leaders also discussed Milei’s economic reforms and the potential for stronger collaboration between their countries.
Milei reiterated his commitment to working with nations that promote economic freedom and reduce government bureaucracy. He criticized political elites who, in his view, concentrate too much power. Alongside his meeting with Trump, Milei also had discussions with Tesla CEO Elon Musk, presenting him with a chainsaw as a symbol of his administration’s efforts to cut state bureaucracy. He later spoke with International Monetary Fund (IMF) Managing Director Kristalina Georgieva regarding financial aid that could support Argentina’s economic recovery.
Milei under investigation for crypto controversy
Despite his focus on strengthening ties with the U.S., Milei is facing legal scrutiny over his involvement in promoting a controversial cryptocurrency. Authorities in Argentina are investigating his role in marketing the LIBRA meme coin, a digital asset that saw a sharp rise in value before collapsing.
Shortly after the token’s launch, Milei endorsed it on social media, citing support for startups and innovation. His post contributed to a market surge, pushing LIBRA’s valuation to over $4 billion. However, as traders began withdrawing their funds, the token’s price plummeted, leading analysts to suspect a market manipulation scheme.
The local name for the scandal is “cryptogate” while it has ensnared several people who worked with former First Lady Melania Trump’s cryptocurrency projects. Closure of the project by Milei accompanied his post-deletion of promotional content yet authorities still investigate the scheme for crooked conduct involving power abuse alongside bribery. The investigation targets both Milei along with five other individuals who supposedly participated in developing and promoting the token.