Trump is asked by a reporter how the rescue package for Argentina fits into his own "America first" governing philosophy, and if the move is intended to help Milei's party in the upcoming elections.

The US president says the package is meant to support a good financial philosophy. "We can help our neighbours", he says.

Bernd Debusmann Jr
Reporting from the White House

Image source, Getty Images

Speaking in Spanish, Milei said that he's "honoured" by the White House visit - and effusively praised Trump for his peacemaking efforts in the Middle East.

Milei also thanked Secretary of State Marco Rubio and Treasury Secretary Scott Bessent for extending US aid to Argentina's economic, saying his country does not want to return to "failed policies" that are "roads that lead to socialism".

"Many thanks for what you're doing for the free world," he said, adding that he believes Trump's policies will lead to "prosperity".

• You can follow BBC's live coverage of the Gaza ceasefire deal here.

Trump also mentions the midterm elections coming up in a couple of weeks in Argentina.

He says a Milei victory is "very important" and that poll numbers for Milei "will be better after" their meeting today.

Trump calls NYC Democratic mayoral candidate Zohran Mamdani a "communist" and says if someone like that was in charge in Argentina, they wouldn't be doing this deal.

Treasury secretary Scott Bessent is now speaking after Trump, saying Argentina's President Milei is fighting 100 years of bad economic policies.

Bessent mentions the midterm election coming up in Argentina and says he thinks Milei will do well.

"He's got a great cabinet, he's got a great team," he says.

The meeting has started, with Trump speaking first.

He welcomes and praises Milei, saying he is "Maga all the way", adding that he knew of Milei before his run for president in Argentina.

Many diplomats are at the table. Trump is joined by Vice President JD Vance, Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, among others.

Image source, Reuters

US President Donald Trump is about to participate in a bilateral lunch with Argentine President Javier Milei.

We will have the key lines from their conversation here, and you can click watch live above to stream it yourself.

Ione Wells
South America correspondent

There are growing fears in Argentina that the country could be heading for a financial crisis – one that might undo much of the stability Javier Milei’s economic reforms have brought.

Markets were spooked after his party lost badly in recent Buenos Aires provincial elections, ahead of midterms later this month: a sign some voters may be tiring of his government’s austerity measures and recent corruption scandals.

Milei has tried to contain inflation by managing a gradual, predictable fall in the peso’s value while intervening to stop a free-fall, draining Argentina’s reserves as $20bn of debt repayments loom next year.

That strain is part of what prompted Donald Trump’s administration to intervene with a $20bn currency swap. What’s less clear is what’s in it for Washington, beyond perhaps protecting US investments in Argentina.

Some Argentines welcomed the move as a sign of stability. There was an uptick in the peso and government bonds after the deal was signed. But critics say it will make little difference to ordinary people’s lives.

One left-wing senate candidate told me: "We’re going to continue with no investment in hospitals, education, social programmes. This money from the United States is not going to improve Argentina’s infrastructure."

Economists also warn this may prove only a short-term fix without a longer-term plan to steady the currency.

Image source, AFP via Getty Images

Milei ran for president promising to turn around Argentina’s sluggish economy and get a grip on the cost of living.

Keeping the Argentine peso stable has been a key part of that effort to get inflation under control. But it has become more difficult as investors lose faith that Milei can maintain political momentum, and increasingly pull money out of the country.

Those worries ramped up after election losses this summer, prompting the value of the currency to drop. To help reverse course, Milei has turned to his allies in the White House, where he has a strong relationship with President Donald Trump.

Last week, the US announced it had finalised terms of a planned $20bn (£15bn) financial rescue for Argentina which would see it purchase pesos in a controversial effort to calm a currency crisis.

"A strong, stable Argentina which helps anchor a prosperous Western Hemisphere is in the strategic interest of the United States," Treasury Secretary Scott Bessent said. "Their success should be a bipartisan priority."

The move was criticised by some Democrats.

"Instead of using our dollars to buy Argentine pesos, Donald Trump should help Americans afford health care," Democratic Senator Elizabeth Warren wrote on social media in response to the announcement, referring to a key issue driving a stand-off over the US government shutdown.

• Read more: US ready to help with Argentina's fiscal turmoil

Trump greets Milei outside the White House with smiles and a thumbs-up.

The press outside shouted some questions to the US president, asking if he has a message for the people of Argentina.

"We love them," he said. "They have a great leader."

Image source, Getty Images

Image source, Getty Images

Image source, Getty Images

Bernd Debusmann Jr
Reporting from the White House

Image source, Getty Images

For many casual observers of Argentine politics, the enduring image of Javier Milei are likely the images of him wielding a chainsaw - a symbol of his efforts to drastically slash government waste and end the "political caste" that he says has been running the country.

It’s an image that has resonated with his supporters in recent years, some of which have taken to bringing cardboard chainsaws to his political rallies. To those supporters, the powertool is a symbol of defiance against established politicians, which Milei has blamed for mounting poverty, a depreciating currency and skyrocketing inflation.

In 2022, Milei - while still on the campaign trail - first unveiled his "Chainsaw Plan" to slash spending, eliminate government ministries, as well as scrap the central bank and multiple government ministries.

That plan ultimately helped propel him to the presidency - and what some have dubbed his laissez faire "chainsaw economics" have remained his primary political platform.

It’s also something that he has used to help build relationships with prominent figures abroad.

At the conservative CPAC conference in Washington DC in February 2024, Milei presented Elon Musk with a chainsaw. Musk told attendees it was "the chainsaw for bureaucracy".

Image source, Getty Images

Image source, STRINGER/EPA/Shutterstock

Javier Milei has been Argentina’s president since December 2023. He campaigned on an anti-establishment agenda with the promise to “Make Argentina Great Again". He is an outspoken supporter of Donald Trump, and shares some of his views against the so-called "woke agenda".

A former economics professor, Milei promised to cut welfare payments and slash bureaucracy.

He also promised to privatise several state companies.

Since taking office, Milei, 54, has slashed the value of the currency, public spending and subsidies for transport, fuel and energy.

Milei was the first foreign leader to meet with Trump after his victory in the November 2024 US presidential election and his economic policies have won him admiration among many conservatives in the US, including Elon Musk.

Anthony Zurcher
North America correspondent

Donald Trump seems to view Argentine President Javier Milei as a kindred political spirit. Even if they don’t always exactly align on policy positions, both came into their national politics as outside disrupters, promising to take on entrenched interests and institutions.

When the two met at a conservative US conference in Maryland earlier this year, they had an obvious rapport.

Now Milei is back in town, making his first visit to the White House as his nation sits on the brink of financial disaster – and in dire need of American help. Some, in the form of $20 billion US financial infusion to stabilise Argentina’s currency, has already been delivered.

Argentina remains on shaky ground, however – and so does Milei. His party is facing midterm legislative elections, and the nation’s voters are souring on his economic reforms.

If Milei falters, it could reflect poorly on Trump’s efforts to turn his American electoral success into a global conservative populist movement.

And any US support may come with strings attached – in the form of Argentine assurances that it will encourage Latin American resistance to Chinese diplomatic and economic incursions in the region.

Milei’s White House visit is probably not enough, by itself, to reverse his political fortunes. But if it leads to more economic support from an American government that wants to see him succeed, it will be time well spent.

The two are about to meet, stick with us.