Stories that caught our eye: November 7 to 14

TRUMP TRADE DEAL

At press time, the White House announced it had agreed a trade deal with Argentina, the latest since US President Donald Trump imposed sweeping tariffs around the world. Buenos Aires has agreed to open its markets to US products, while Washington has granted tariff relief on some items in return.

MAMMOTH TRIAL

The ‘Cuadernos’ corruption notebooks mega-trial accusing 20 ex-officials (including former two-term president Cristina Fernández de Kirchner), two ministerial chauffeurs and 65 businessmen (many of them now whistleblowers) of forming an illicit association dedicated to the collection of kickbacks between 2003 and 2015 with at least 626 witnesses scheduled to testify, began last Thursday. In the preceding weekend videos surfaced showing ministerial chauffeur Oscar Centeno, the author of the copybooks chronicling the payment and collection of bribes, entering the Olivos presidential residence, thus adding a controversial note to the trial. Since no dock in the country can hold so many defendants (Fernández de Kirchner is currently under house arrest), they will be answering the charges via Zoom. On the eve of the trial, the Supreme Court upheld a four-year prison term for Federal Planning Minister Julio De Vido, one of the chief defendants, for fraudulent administration leading to the 2012 Once rail tragedy with 52 fatal victims and almost 800 people injured. On the same day as the start of the Cuadernos trial, De Vido presented himself at Comodoro Py to be notified of the adverse Supreme Court ruling.

CABINET SHUFFLE

The government has eliminated the Communication and Media Secretariat, transferring it to its previous head, Manuel Adorni who was appointed Cabinet chief in the last fortnight, via Decree 793/2025 published in the Official Gazette last Tuesday. Adorni argued that historically there was no spokesperson with the Cabinet chief performing that role, as he now proposed to do. The decree also conferred ministerial rank on presidential chief-of-staff Karina Milei (which she already had), Legal & Technical Secretary María Ibarzábal and SIDE intelligence agency chief Sergio Neiffert. Various areas were also shorn from the Interior Ministry with Tourism, the Environment and Sports (under Daniel Scioli) passing to the Cabinet chief while the immigration authorities and RENAPER (Registro Nacional de las Personas) registry office moved to the Security Ministry. Adorni also accepted the resignation of Strategic Affairs Secretary José Luis Vila from his office as from the start of the month with other officials responding to the previous Cabinet chief Guillermo Francos reportedly on their way out.

INFLATION EDGES UP

Last month’s pre-electoral volatility caused inflation to accelerate slightly with the INDEC national statistics bureau posting 2.3 percent for October last Wednesday, the highest figure since April’s 2.8 percent. Inflation so far this year is 24.8 percent with an annual rate of 31.3 percent. Core inflation (excluding seasonal and regulated prices) was 2.2 percent. The main culprits were transport (3.5 percent) and housing, water, electricity, gas and other fuels (2.8 percent), i.e. public services, while the key item of food and beverages coincided with the general average, as did the Central Bank’s REM survey of market expectations beforehand. City Hall had previously posted 2.2 percent inflation. Consultants are expecting a deceleration this month.

SWAP UP AND RUNNING

Argentina’s currency swap with the United States Treasury was “profitably” activated last Tuesday, US Treasury Secretary Scott Bessent revealed last Tuesday. Although he gave no figures, market estimates are that around US$2.7 billion of the total US$20 billion have already been used, in part to pay debt to the International Monetary Fund (IMF) falling due on November 7. Bessent insisted that the US government had earned money with this electoral assistance to “one of our great allies in Latin America.” Early this month the IMF revealed that Argentina had increased its stock of special drawing rights by 640.8 million while the United States had reduced its special drawing rights by the same amount.

COUNTRY RISK PLUNGING

Argentina’s country risk rating started the week below 600 points with hopes that it might descend to 500 before the post-electoral rally runs out of steam. The index has not been so low since the start of the year when it was around 560 points. Last month was already the best October for Argentine shares in over 30 years. The reasons for the fall in country risk are not just market relief over the convincing midterm win of La Libertad Avanza last month but also the government decision to announce a plan to repurchase bonds and the substantial financial support coming from the United States with the US Treasury purchasing pesos. But market observers said that further progress would depend on the speed with which the 2026 Budget and tax and labour law reforms are passed in Congress.

MILEI SHUNS SUMMITS

President Javier Milei has decided he will not be attending next weekend’s G20 summit in Johannesburg, with Argentina represented by Foreign Minister Pablo Quirno and G20 sherpa Federio Pinedo. The announcement came a few hours after US President Donald Trump said that he would not be going. Nor was Milei to be seen at this week’s Summit between the Community of Latin American and Caribbean States (CELAC in its Spanish acronym) and the European Union in the Colombian city of Santa Marta, where Argentina was represented by Foreign Policy Undersecretary Juan Manuel Navarro, although more government heads were absent than present with only host President Gustavo Petro, his Brazilian colleague Luiz Inácio Lula Da Silva and Spanish premier Pedro Sánchez showing up. Argentina refused to sign various of the 52 points of the final document, including peace plans for Colombia and Gaza, a call to end the trade embargo against Cuba, the promotion of a “responsible and inclusive” artificial intelligence and a point urging the need to fight disinformation, including hate speech and gender discrimination. On Tuesday, Argentina filed a memorandum which was seen as a key step in its accession process to the Organisation for Economic Cooperation and Development (OECD) with several years still lying ahead.

DEATH OF DYLAN

Dylan, the ageing collie of previous president Alberto Fernández who accompanied him throughout his four years at the Olivos presidential residence, finally died last Wednesday. A frequent butt of humour for presidential critics during those years, Dylan played a key role in easing the transfer of power between the Peronist Fernández and the current libertarian President Javier Milei when the two political antagonists discovered that they had at least one thing in common. Dylan had several puppies, including Blue and Prócer, and is now replaced as the ex-president’s pet by yet another collie puppy, Lennon. Last weekend, Fernández gave a now rare interview in which he denied the gender violence against former first lady Fabiola Yáñez for which he is now on trial, complaining of “media mistreatment,” criticised Milei (especially for the lack of public works) and refrained from taking sides in Peronist infighting while clearly leaning towards Buenos Aires Province Governor Axel Kicillof, whom he described as “a good governor, highly intelligent, very well trained and a [2027 presidential] candidate.”

OFF THE RAILS

The Sarmiento railway line was circulating with delays and cancellations last week after a train went off the rails in the Liniers area last Tuesday, causing injuries to at least 20 passengers. Over 40 railway employees were working into Wednesday to remove the affected wagons of a train riding from Moreno to Once with the causes of the accident still under investigation. On the same day a freight train transporting cement went off the rails in the Misiones city of Apóstoles but nobody was injured. The provincial police force intervened immediately, establishing a perimeter around the area.

STAR-STUDDED WEEK

Plenty of international stars landing on these shores last week, ranging from Liam Gallagher arriving Wednesday and Noel Gallagher on Thursday as part of the recent revival of Oasis giving concerts this weekend in the River Plate stadium, singer Dua Lipa and Johnny Depp promoting his film (as director, not actor) on the Italian painter Amedeo Modigliani.

COLAPINTO RIDES AGAIN

Just before last weekend’s Grand Prix in Brazil, Alpine constructors confirmed the renewal of Franco Colapinto’s contract for 2026 as their second driver backing up Pierre Gasly, thus ensuring an Argentine presence in Formula 1 after several months of intense speculation about his future. Colapinto finished in what was considered an acceptable 15th place among the 20 drivers in São Paulo last weekend and there is optimism that replacing the current Renault motors with a Mercedes model will lead to better results next year.

RIVER COMES TO GRIEF

Last weekend’s superderby went against a recently struggling River Plate, who lost 2-0 away to Boca Juniors in the Bombonera with the goals coming on either side of half-time from Ezequiel Zeballos and Uruguayan Miguel Merentiel – with Dua Lipa watching on.