In a whirlwind week that has seen the worlds of politics, finance, and spectacle collide, the names of Zohran Mamdani, Donald Trump, and Javier Milei have dominated headlines across two continents. As the dust settles on the New York mayoral race, a fresh set of political dynamics is taking shape—one that stretches from the streets of Manhattan to the corridors of power in Buenos Aires, with more than a few eyebrow-raising moments along the way.
On November 8, 2025, Zohran Mamdani emerged victorious in the New York mayoral contest, securing around 50 percent of the vote and sending a clear message to the American political establishment. Mamdani, a 34-year-old Muslim born in Uganda, was quick to reject the label of “Communist” that Donald Trump hurled at him. Instead, he described himself as a “democratic socialist,” a distinction that, in this heated political climate, feels anything but subtle. According to the Buenos Aires Times, Trump’s criticism echoed the language he’s used against rivals of his ally, Argentinian President Javier Milei, whom he endorsed before Argentina’s October midterm elections.
Trump’s involvement in foreign politics has become a hallmark of his global strategy, and his fingerprints were all over Milei’s campaign. Despite not being on the ballot, Trump claimed the Argentine midterm victory as his own, pointing to his endorsement of Milei. In his words, candidates lost in the U.S. “because he was not on the ballot”—a refrain he echoed regarding Argentina’s October midterms. The Buenos Aires Times notes that Milei, riding the wave of Trump’s support, managed to deliver on one major promise: lowering inflation. However, other bold pledges—abolishing the Central Bank, scrapping the peso, and fully dollarizing the economy—remain unfulfilled, at least for now.
This transcontinental political alliance is more than just talk. The U.S. Treasury Secretary, Scott Bessent, committed to a $20 billion currency swap designed to bolster Argentina’s dwindling Central Bank reserves. Bessent, according to the Associated Press, was also working on a loan package from a group of banks to further prop up the Argentine economy. Yet, as of early November, concrete details were still missing, leaving Buenos Aires and financial markets anxiously awaiting clarity. The urgency is palpable, given Argentina’s negative net Central Bank reserves and the country’s historic appetite for U.S. dollars.
That hunger for greenbacks is not just a matter of economic theory—it’s playing out in real time. In the six months leading up to the October midterms, Argentines snapped up $25 billion in foreign currency, with $6.5 billion purchased in September 2025 alone. The Central Bank’s data paints a stark picture: even in a country accustomed to hedging before major political events, these figures are eye-popping. And while politicians debate policy, everyday Argentines are voting with their wallets, seeking shelter from potential devaluations and economic turbulence.
This week’s spectacle wasn’t confined to the ballot box or the boardroom. On November 8, President Milei was filmed dancing at a Conservative Political Action Conference (CPAC) gala at Mar-a-Lago—Trump’s Florida stronghold. The footage, widely circulated on social media, drew a mix of amusement and criticism. As reported by outlets like MeidasTouch and PatriotTakes, commentators lampooned the performance, with some suggesting that “they’re laughing in your face as they steal your money and make you suffer.” Others, like podcaster Brian Taylor Cohen, tied the moment to broader concerns about Trump’s domestic policies, quipping “cc American farmers” in reference to ongoing agricultural issues.
The Mar-a-Lago dance-off wasn’t just a sideshow. It highlighted the deepening relationship between Trump and Milei, one that’s increasingly underpinned by financial commitments. The Trump administration, according to the Associated Press, was seeking to double the funding for Argentina through sovereign funds and private sector investment, on top of the initial $20 billion swap. This strategy, as Treasury Secretary Bessent explained, was all about supporting a U.S. ally and projecting American economic power in Latin America. “We think it is much better to use American economic power up front and lead the way because we’ve got many other governments in Latin America… who all want to follow,” Bessent said. “I would rather extend a swap line than be shooting at the boats carrying drugs like we’re having to coming out of Venezuela.”
Meanwhile, the economic realities on the ground in Argentina are stark. In the first nine months of 2025, Argentines spent nearly $9 billion on foreign tourism, a figure rivaled only by the boom years of 2017 and 2018. The trend shows no signs of slowing. Some 25,000 Argentines were expected to descend on São Paulo’s Interlagos racetrack for the Formula 1 Grand Prix on November 9, collectively spending an estimated $100 million—about $4,000 per person—to cheer on local driver Franco Colapinto. And with the 2026 World Cup looming in the United States, Canada, and Mexico, even more Argentines are snapping up plane tickets, eager to witness what could be Lionel Messi’s final appearance on football’s biggest stage.
This outflow of dollars is a persistent headache for President Milei. With net Central Bank reserves in the red and a population that reflexively seeks financial security in U.S. currency, Argentina’s economic challenges are mounting. As the Buenos Aires Times observes, this voracious demand for dollars could soon force Milei to seek yet another bailout. In this context, the political fortunes of Trump—and now Mamdani—take on added significance. Should Trump’s influence wane, or should Mamdani’s left-leaning agenda gain traction in the U.S., Argentina’s financial lifeline could be at risk.
The political landscape in both countries is shifting. In Buenos Aires City, often dubbed the “New York of the south,” voters have consistently favored right-wing candidates for two decades, moving from Mauricio Macri’s PRO to Milei’s La Libertad Avanza. The Peronists, once the dominant force in Argentine politics, are now scrambling for a new face—someone disruptive and fresh enough to capture the public’s imagination, as Mamdani has in New York. For now, however, they seem to be caught flat-footed, watching as the city drifts further to the right while New York embraces a self-described democratic socialist.
As the global spotlight shifts from campaign rallies to economic negotiations, the stakes for Argentina—and for the intricate web of alliances connecting Buenos Aires, New York, and Washington—have never been higher. The coming months will test whether promises made on the campaign trail and at glitzy galas can withstand the unforgiving scrutiny of economic reality. For now, all eyes remain fixed on the power players on both sides of the equator, waiting to see who will deliver, and who will be left dancing alone.
