Argentina’s self-styled “rock star president,” Javier Milei, is trying to hit the right notes as his country faces mounting economic turmoil.
Just days after China snapped up Argentine soybeans and the U.S. sent over a $20 billion lifeline, President Javier Milei grabbed a microphone and performed a rock concert in Buenos Aires, aiming to reconnect with supporters as criticism mounts at home.
Milei’s Rock Performance Amid Crisis
The concert at the 15,000-seat Movistar Arena featured Milei performing 1980s rock covers before a crowd of chanting supporters.
Dressed in leather, the 54-year-old president raised his arms in the air, basked in applause, and told the crowd, “I’m human. It might not seem like it, but I am.”
Milei, a former frontman for a Rolling Stones tribute band, rose to power in 2023, vowing to slash government spending and crush inflation.
For a time, his austerity drive drew praise abroad.
Conservative figures, including Donald Trump, British Tory leader Kemi Badenoch, and historian Niall Ferguson, hailed his early economic results.
Ferguson called Milei’s program a “man-made miracle” for free-market advocates.
From Applause to Anger
But nearly two years later, the picture has darkened. Inflation remains high, the peso has fallen sharply, and corruption scandals have shaken Milei’s government.
His sister and chief of staff, Karina Milei, has been accused of misconduct, and a close ally, José Luis Espert, admitted to taking $200,000 from an alleged drug trafficker.
Milei’s party also suffered a major loss in Buenos Aires province, home to almost 40% of Argentina’s population.
Paola Zuban, a political analyst and co-director at polling firm Zuban Córdoba, said the scandals have eroded public trust: “With these corruption scandals, that moral bond has been broken. Expectations have fallen, trust has eroded, and that’s what has triggered this major crisis.”
A Win in the Soybean Market
Amid the turmoil, Argentina landed an unexpected victory on the trade front.
After Buenos Aires temporarily suspended its 26% grain export tax, China purchased at least 10 cargoes of Argentine soybeans, a move that sidelined U.S. farmers during their prime export season.
Each shipment is estimated at 65,000 metric tons for November delivery.
“These deals were done last night after Argentina decided on export tax,” one trader told Reuters.
“It clearly means that China doesn’t need U.S. beans.”
American soybean growers were quick to react.
“Every time China turns to South America instead of the U.S., soybean farmers and our farm families here at home lose out,” said Caleb Ragland, president of the American Soybean Association.
He warned that without a new trade deal, U.S. farmers are “left watching key opportunities slip away.”
Soybean futures fell on the Chicago Board of Trade as news of the tax break rippled through the markets.
Analysts believe the impact could be temporary due to limited Argentine supply and the short-term nature of the tax policy, which expires in October or when $7 billion in declared exports is reached.
U.S. Steps In With Billions
Despite the worsening economy, President Trump expressed strong support for Milei.
“We’re backing him 100% – we think he’s doing a fantastic job,” Trump said.
The U.S. announced an emergency aid package of up to $20 billion to help Argentina stabilize its foreign reserves and prevent further economic collapse.
Not everyone in the U.S. shares that view.Libertarian economist Peter Schiff posted on X:
“President Trump actually has very little in common with Argentina’s president @JMilei. While Milei has actually kept his promise to reduce the size of government by making massive cuts to government spending, Trump has grown the size of the U.S. government by increasing spending.”
The move comes as Milei faces growing pressure at home and abroad. While some citizens are beginning to turn away, others remain fiercely loyal.
Loyal Supporters Hold On
At the concert, one supporter, Oscar Luis Osorio, came dressed as a lion, a symbol Milei often uses to depict strength.
“The country is a shambles. We’re not going to say it’s great – it’s a shambles,” Osorio admitted. “But we have to wait.”
Emanuel Lacuadra, a 27-year-old student and gig worker, said, “I support the government almost unconditionally.”
He called Milei’s presidency “a historic, unique moment – not only for Argentina but for the world.”
A Presidency on the Edge
Still, political observers warn that the disconnect between Milei’s public image and Argentina’s economic reality is widening.
Facundo Nejamkis of Opina Argentina described “a growing dissonance between how the government presents itself and the reality people live.”
For now, Milei seems determined to keep the show going, on stage and in office, even as Argentina faces what may be its toughest encore yet.