President Donald Trump doubled down on his plan to carry out a $20 billion currency swap with Argentina during a bilateral lunch with the South American leader.

W ASHINGTON (AP) — The United States directly purchased Argentine pesos on Thursday and finalized a $20 billion currency swap line with Argentina’s central bank, Treasury Secretary Scott Bessent said in a social media post, a rare move aimed at stabilizing turbulent financial markets in the cash-strapped Latin American ally.

The US Treasury has intervened in Argentina’s currency market for the first time, as the Trump administration tries to help its ally President Javier Milei contain a run on the peso.

Last week the US offered a $20 billion currency swap line, allowing Argentina's central bank to exchange volatile pesos for stable American dollars.

Treasury Secretary Scott Bessent announced a “framework” for a deal to provide U.S. financing to Argentina through a $20 billion currency swap.

Johns Hopkins professor Steve Hanke is an expert on "dollarization" and has helped the Trump Administration run through the options for intervening in Argentina's economy.