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Javier Milei scored a stronger-than-expected midterm victory after Donald Trump offered a $40bn lifeline and warned US support would vanish if he faltered. Milei’s party won nearly 41% to the Peronists’ 32%, lifting Argentine bonds, stocks and the peso. Critics accused Trump of meddling, but analysts said the intervention looked like a timely masterstroke that underscored Washington’s carrot-and-stick posture in Latin America. Some worried the approach could backfire, yet for now it appears to be delivering results—above all for Milei, who thanked Trump on X as the scale of Sunday’s victory became clear.

Prepared by Lauren Mitchell and reviewed by editorial team.