By John Loftus

Copyright dailycaller

When you think of “America First,” what comes to mind? Probably a whole host of things, including secure borders, an end to misguided military interventions in the Middle East, and less aid for Ukraine. Maybe even no bailouts for foreign countries in general. Well, think again.

Argentina, led by Libertarian President Javier Milei, is on the verge of political turmoil. Although the country seemed in decent shape in July, with inflation cooling and GDP rising, it is now facing a dicey economic situation. It could prove disastrous for Milei’s project to reform the Latin American country and unwind decades of socialist policies. In response, the Trump administration is hashing out the details of a bailout, which really amounts to a poison apple that will save Milei and harm President Trump’s “America First” legacy. (Subscribe to MR. RIGHT, a free weekly newsletter about modern masculinity)

Treasury Secretary Scott Bessent has been selling the “economic rescue package,” to borrow the swamp’s jargon, in media appearances and on social media. The bailout would be an attempt, of course, to restore faith in Argentina’s economy and stabilize its currency, the peso. The White House also believes that an economic downturn in Argentina could adversely impact U.S. farmers by driving down the market value of Argentine agricultural products even further. Additionally, supporters argue the deal could counter Chinese influence in the region.

It would also throw Milei a political lifeline. His party recently took a beating at the ballot box earlier in September, and more crucial midterm elections loom in October. Milei has also been an ally of Trump’s and was one of the few world leaders to attend Trump’s inauguration. Trump once described him as his “favorite president.”

But some Republican critics and American soybean farmers are rightfully livid.

Due to Trump’s tariffs on Chinese imports, China has opted to buy soybeans from Brazil and Argentina rather than the United States. Argentina has also lowered its export taxes so it could sell even more soybeans to Beijing, leaving American farmers in a pinch.

“Why would USA help bail out Argentina while they take American soybean producers’ biggest market??? We shld (sic) use leverage at every turn to help hurting farm economy Family farmers shld be top of mind in negotiations by representatives of USA,” Republican Iowa Sen. Chuck Grassley said Thursday.

Why would USA help bail out Argentina while they take American soybean producers’ biggest market??? We shld use leverage at every turn to help hurting farm economy Family farmers shld be top of mind in negotiations by representatives of USA — Chuck Grassley (@ChuckGrassley) September 25, 2025

Caleb Ragland, the president of the American Soybean Association, said the bailout is, on its face, unfair, by completely undercutting U.S. farmers.

“U.S. soybean prices are falling; harvest is underway; and farmers read headlines not about securing a trade agreement with China, but that the U.S. government is extending $20 billion in economic support to Argentina,” he told The New York Times.

Trump has already anticipated the backlash. On Thursday, he announced a plan to give tariff revenues to American farmers, who are feeling short-term pain from his newly imposed duties. Specifics of the program have not been disclosed, but Agriculture Secretary Brooke Rollins has indicated the bailout would be similar to an intervention from Trump’s first term, which handed out billions of dollars amid a trade tiff with China.

“We’re going to take some of that tariff money that we’ve made, we’re going to give it to our farmers — who are, for a little while, going to be hurt until it kicks in, the tariffs kick in to their benefit,” Trump said in the Oval Office.

.@POTUS: “We’re going to take some of that tariff money that we made — we’re going to give it to our farmers… We’re going to make sure that our farmers are in great shape.” pic.twitter.com/MVHi4jy9PQ — Rapid Response 47 (@RapidResponse47) September 25, 2025

Bessent, however, stepped in it Wednesday during an appearance on Fox Business, and practically begged critics to call out the hypocrisy. When asked by host Maria Bartiromo whether he would consider a federal bailout of New York City, he was adamantly opposed.

“I guarantee you — and there are not a lot of things in life that are sure — that New York City will be coming to the federal government for a bailout if the Mamdani plans are implemented,” Bessent (correctly) pointed out. He went on with a blunt analogy: “It will be the same thing that Gerald Ford said: ‘Drop dead.’”

Although Gerald Ford never uttered those words, a New York tabloid famously captured the sentiment in a 1975 headline when the former Republican president declined to rescue New York City from impending bankruptcy.

As he prepares a $20 billion bailout for Argentina, Treasury Secretary Scott Bessent says that the federal government will not bail out New York City in a financial crisis if the city elects Zohran Mamdani. Bessent says he will tell the city to “drop dead.” pic.twitter.com/8EYaBuh2pm — More Perfect Union (@MorePerfectUS) September 25, 2025

There is an argument to be made for helping out Argentina. Milei’s reforms were never going to work overnight, and keeping Argentina as an ally might help the U.S. counter China’s influence, even though Trump’s tariffs inadvertently pushed Argentinian farmers closer to Beijing.

Ultimately, bailouts never fix underlying problems; they simply kick the can down the road. Trump bailed out American farmers in his first term, and now he’s on the verge of doing it again. We are right back to where we started.

It’s a bad political look for an administration that claims to be “America First.” Bailing out a foreign country to protect a foreign political ally, while expressing a desire to punish an American city, is a policy that any “America First” administration should do well to avoid.

Frankly, it’s a slap in the face to American taxpayers.