Bessent calls anti-tariff Reagan ad ‘psy-ops’ and says the U.S. rescue of Argentina still counts as ‘America first’ because it helps an ally
Treasury Secretary Scott Bessent had very different opinions about Canada, a long-time U.S. friend that is a primary target in President Donald Trump’s trade battle, and Argentina, which is getting help with its currency from the U.S. He was asked about the extra 10% tax that Trump stated he would put on Canada because of an anti-tariff TV campaign that Ontario’s government ran. This happened on NBC’s Meet the Press with Kristen Welker on Sunday.
“This is a kind of propaganda against Americans.” “It’s psy-ops,” Bessent said, using short for psychological operations. Some others, like Republican Rep. Marjorie Taylor Greene, have criticized the rescue. They asked how giving Argentina billions of money is “America first” when Americans are having a hard time with high expenditures.
Bessent stated, “It’s America first because we’re helping a friend of the U.S.” “There won’t be any losses for taxpayers.” This is a line for swapping. This isn’t a bail-out. He also said that the money for Argentina comes from the Exchange Stabilization Fund of the Treasury Department. This fund has never lost money and won’t under its current operation.
But so far, U.S. currency intervention has not stopped the peso from falling. Wall Street thinks that Argentine President Javier Milei, who has been praised by Trump and other Republicans, would lower the value of the peso immediately after the country’s midterm elections on Sunday. Some analysts are unsure if the U.S. will receive its money back.
Bessent said again that the government wants to stop another “failed state” from forming in Latin America, like Venezuela.
In addition, he said, “We think it’s much better to use American economic power up front to stabilize a friendly government and lead the way.” “Because we have a lot of other governments in Latin America, like Bolivia, Ecuador, and Paraguay, that want to follow.” So I’d rather extend a swap line than shoot at the boats full of drugs arriving from Venezuela.
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