'Dramatic Victory in Argentine Presidential Election for the "Trump of South America"... Will Economic "Major Surgery" Follow? (Comprehensive)'

Far-right Economist Emerging Like a Comet
Strongly Suggests Pro-American and Free Trade Policies

In the Argentine presidential election, political newcomer and far-right politician Javier Milei, who was considered an outsider, has been elected, causing significant upheaval not only in Argentina but across the entire South American political landscape. Milei, who declared that he will overcome Argentina's severe economic crisis and brutal inflation through pro-American and free trade policies, is expected to bring major changes in the economy, trade, and diplomacy going forward.

According to Bloomberg on the 19th (local time), Argentina's Ministry of the Interior Central Election Commission (DINE) announced that with 86.59% of the runoff vote counted, Milei was elected with 55.95% of the vote, defeating left-wing ruling party candidate Sergio Massa, who received 44.04%. In the initial round last month, Milei had 29.99% of the vote, trailing Massa who had 36.78%, but he succeeded in overturning the result in the runoff between the top two candidates.

Millei, the President-elect, giving a victory speech after winning the Argentine presidential election
[Photo by Reuters]

Both inside and outside Argentina, there is surprise at Milei’s meteoric rise as a political newcomer who unexpectedly seized the presidency. Originally an economist, he worked at HSBC and the World Economic Forum, and is known to have formally entered politics only since 2019. He has argued that economic problems must be solved by reducing government spending and implementing neoliberal policies such as pro-American policies and free trade.

In particular, he campaigned carrying a chainsaw, insisting that Argentina’s fiscal spending must be drastically cut, and emphasized that "theoretically, I advocate anarcho-capitalism." Among his economic policies, the most criticized is his proposal to completely abolish the central bank. He also advocates very radical economic policies such as introducing the US dollar instead of the official currency, the peso.

Milei, the President-elect of Argentina, is greeting his supporters.
[Image source=AP Yonhap News]

Along with his election, significant changes are expected in Argentina’s existing pro-China and anti-American foreign policy. Milei has previously proposed policies aligned with former US President Donald Trump’s, including easing gun ownership restrictions, permitting long-term prostitution, and rejecting the theory of global warming. Because of this, he has earned nicknames such as "the Trump of South America" or "the Trump of the tropics." If former President Trump succeeds in his US reelection bid, pro-American foreign policy is expected to accelerate further.

He is also expected to distance Argentina significantly from China. Milei has publicly expressed anti-China sentiments, stating that "I do not plan to deal with communists in China" and "there is no freedom in China, and if someone tries to do what they want, they are killed."

This content was produced with the assistance of AI translation services.