It's not something you hear about in Right-wing circles, but America's agricultural sector is not happy with Trump. Now since this article appeared on Al Jazeera at the end of October, the soybean situation has changed as Trump has cut a deal with Xi Jinping - though Chinese assessments don't seem to match the White House's rhetoric. China is once again buying American soybeans and so the situation has improved - at least as some see it. Others say even this is not panning out the way the White House has marketed it. Tariffs remain, and Beijing is signalling that it's looking more and more to Brazil to meet its demand. In other words, the reality seems a little more murky and complicated than how Trump would present it.
Regardless, the move has taken some of the focus away from the outrage over Trump's plan to offer a $20 billion bailout to Argentina. It was contingent on Milei's mid-term electoral victory which despite the economic turmoil, he was able to capture. His libertarian policies have wreaked havoc and patience is wearing thin. Argentina has faced decades of economic struggle and uncertainty and while Milei's policies are generating increased hardship for some - it would seem a significant portion of the population is willing to see it through and wait a bit longer to determine whether he can in fact turn things around. It's reasonable to believe that if he doesn't by the time of the 2027 General Election, it will likely mark the end of his presidency.
And yet Trump is (as we all know) transactional. He doesn't care about either individuals or nations. He ties his own political success and standing to Milei and other Right-wing politicians and political movements around the globe. South America is becoming highly contested with the US losing standing in Colombia and now fomenting war with both Bogotá and Caracas. Bolsonaro has been utterly defeated in Brazil and will (it can be hoped) spend the rest of his life incarcerated. Nevertheless, the US is also watching Ecuador, Bolivia, Peru, and Chile. There's a lot going on right now, and Washington does not want to see Milei fall and Argentina make a Left-ward turn - and potentially fall into the Chinese orbit. China is already Argentina's biggest trade partner and (ironically) one of the biggest trade items is soybeans - meaning that Argentina is a major competitor of US agriculture.
While American farmers are breathing a sigh of relief and are momentarily distracted by the China-US deal, the truth is they are still in stiff competition with South American markets.
Trump is usually understood as more of an economic nationalist than a true believer in free trade. The tariffs are a prime example as most free trade-libertarian types remain hostile to such measures.
But in offering a bailout to Milei, he is abandoning even the logic of economic nationalism as his moves hurt US agriculture. The episode illustrates that Trump operates under no principle apart from self-interest and he will quickly abandon either the dictates of economic nationalism or free trade if it serves his larger political interests. Further, Milei will owe him. Think mafia relations - that's how Trump thinks and operates. He will ask for a favour in return and woe to Milei if he fails to comply.
And as the article points out - there is a further irony as the bailout is more or less equal with the ACA subsidy the Republicans want to see expire, a key point of dispute connected to the government shut-down. Trump is happy enough to see healthcare premiums double for Americans but he doesn't want to see the chainsaw wielding Musk ally Javier Milei fail.
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