China has a major presence in Argentina’s telecommunications and internet markets. Local telecom giant Telecom Argentina recently agreed to receive a $74 million loan from the Bank of China. Huawei, a Chinese technology company restricted from conducting much business in the U.S., also runs a 5G mobile network business in Argentina.

The US, meanwhile, faces exposure to potential losses on its currency purchases and risks being left on the hook providing a long-term credit line to Argentina, which would reduce its flexibility in the case of a US financial crisis.

With $14 billion in investment projects and rising exports, China has consolidated its position as a key trading partner for Argentina, irking the U.S.

The president recently announced a $20 billion bailout to help Argentina and its libertarian president, Javier Milei, an early Trump ally.

With just a few days before a crucial midterm election in Argentina, skepticism is growing that Scott Bessent can pull off the second half of his $40 billion rescue package.

Argentina's economic activity growth likely slowed for a second consecutive month in August, a Reuters poll of analysts showed on Tuesday.

National Cattlemen’s Beef Association CEO Colin Woodall said Trump’s idea to buy Argentine beef “only creates chaos at a critical time of the year.”