【By Liu Bai, Observers Network】

"Cutting off the cooperation process with China is by no means a wise move," said former Argentine President Mauricio Macri on November 21 local time, warning the current president Milei: For Argentina, China is more complementary in the economy than the United States. If Argentina yields to U.S. pressure and distances itself from China, its domestic commodity exports will suffer serious damage.

According to the Hong Kong English media "South China Morning Post", Macri made this statement against the background of the U.S. and Argentina announcing a trade agreement last week. He pointed out in an interview that China has always been at the core of Argentina's soybean, beef and other commodity export trade, while such commodities are already abundant in the United States.

He said, "For Argentina, China is more complementary than the United States. I think cutting off the cooperation process with China is not a wise move."

Macri recalled that during his presidency, he also faced pressure from the United States to cut ties with China. He mentioned that the pressure from the Obama administration was relatively subtle, while the attitude of the Trump administration was much more firm.

Even so, Macri said, he still maintained a parallel foreign policy relationship with both the United States and China. He said, "During my presidency, I told Trump clearly: Yes, we are close allies, but I will still maintain relations with China."

Macri is the founder and leader of the right-wing party "Republican Proposal" in Argentina, and served as the president of Argentina from December 2015 to December 2019.

The core of his governance philosophy is to promote a free market economy, advocating for reduced government intervention, and through measures such as canceling exchange controls, resolving debt disputes, and cutting fiscal expenditures to attract investment, trying to revitalize the economy.

In foreign affairs, he sought to improve relations with European and American countries, and his policy towards China was generally pragmatic and continuous. In 2017, he made a state visit to China and signed multiple bilateral cooperation documents covering infrastructure, agriculture, education, energy and other fields.

Former Argentine President Mauricio Macri IC Photo

The "South China Morning Post" pointed out that like Milei, Macri was known for criticizing and being skeptical about China when he took office in 2015, but this stance quickly changed.

During the first few months of his presidency, he froze two hydropower projects built by China in Patagonia, and began reviewing contracts signed by the previous government with Beijing. He also asked to investigate the so-called deep space station project operated by the Chinese military.

But by 2018, as Argentina's financial situation deteriorated, Macri expanded the scale of currency swaps with China to enhance foreign exchange reserves and deepen bilateral relations.

Later that year, he hosted the G20 summit in Buenos Aires, received the Chinese side, and jointly presided over the signing ceremony of dozens of cooperation agreements. At that time, he said, "The better China develops, the better Argentina will be."

Macri is also a long-term political ally of Milei. Many diplomats and media believe that he helped ease Milei's tough statements on China during the 2023 presidential campaign, playing a key role in Milei's victory.

However, in recent months, their relationship has been unstable, even conflicting. Milei tried to keep distance from Macri, taking a more independent political stance.

The Spanish newspaper "El Pais" published an article stating that although they have similar ideologies and a smooth personal relationship, issues surrounding leadership and the future of the party prevent them from forming an alliance. Both try to limit each other, but so far neither has given way.

This month, the U.S. government announced a trade agreement with Argentina aimed at promoting bilateral trade and accelerating investment in Argentina.

The Milei government told the media that the agreement would cover tariffs, agricultural market access, labor rules, environmental standards, state-owned enterprises, and digital trade.

Milei himself described it as "excellent news," and denied that the United States would dominate the agreement, saying that due to its economic size, the United States "can offer more."

Macri's warning is not unfounded. The surface harmony between the U.S. and Argentina conceals undercurrents.

This year, U.S. officials have been dissatisfied with China's influence in Argentina, and the contradictions between the U.S. and Argentina have gradually emerged.

Recently, American soybean farmers were desperately hoping for Chinese orders, but the Milei government, regarded as an "ally" by Trump, suddenly canceled the export tax on soybeans to grab the market. Especially, the Trump administration planned to step in to rescue the Argentine financial market, leading to growing dissatisfaction in the United States.

At the New York UN General Assembly in September, someone captured a scene: U.S. Treasury Secretary Becerra received a private message containing a complaint about Argentina lowering the export tax. This photo has spread across major Argentine media.

American concerns go beyond the agricultural trade sector.

In April, Carone, a Trump advisor, stated at an event in Miami that any new aid program formulated by the International Monetary Fund for Argentina should not help China consolidate its position in Argentina. He specifically criticized the currency swap agreement between Argentina and China, accusing it of being "coercive," and pressured the Milei government to terminate the agreement.

Furthermore, the Trump administration had promised to support Argentina's economy through a $20 billion currency swap and bond purchase, aiming to help the Milei government deal with electoral pressures and stabilize the financial market.

But after the Milei-led coalition successfully "passed," Americans did not follow through on their promises.

The Wall Street Journal cited informed sources who said that Morgan Stanley, Bank of America, and Citigroup had originally planned to provide a $20 billion rescue plan for Argentina, which has now been put on hold, and instead, a smaller short-term small loan scheme is being explored.

Having taken a wrong turn, Macri has realized who the more reliable partner for Argentina is. What about Milei?

This article is an exclusive publication of the Observer, and without permission, it cannot be reprinted.

Original: https://www.toutiao.com/article/7575402993907024436/

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